elwave manual

DISCLAIMER The Customer acknowledges and agrees that neither Prognosis Software Development (Owner), nor its employees, make any representation or guarantee regarding how this product may perform now or in the future, nor will this product guarantee profits for the Customer. The Customer is advised to test the software thoroughly before relying upon it. The user accepts to assume the entire risk of using the software. In no event shall Owner be responsible for any special, consequential, actual or other damages, regardless of type, and any loss or lost profit resulting from the use of this software or printed material. Customer acknowledges that success depends upon Customers ability to utilize the information, software and techniques described in this product. Customers payment, returning of the registration card or signature shall be evidence of Customer's acceptance of all of the License agreement. The software is for personal use only, therefore Customer is prohibited to distribute analysis results of ELWAVE in any way without prior consent of Owner of the software

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COPYRIGHT

Copyright 1996-2004 Prognosis Software Development. Jesseplaats 14 2611 GZ Delft, Netherlands This manual is copyrighted. No part of this manual may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior written permission of Prognosis Software Development.

2 Prognosis software development, Voice: +31 15 2123543, Fax +31 15 2132558, Email: [email protected]

Every effort has been made to ensure complete and accurate information concerning the material presented in this manual. However, Prognosis Software Development can neither guarantee nor be held legally responsible for any mistakes in printing or faulty instructions contained in this book. Version 7.1-1 11082004


CONTENTS

Disclaimer _________________________________________ 2 Registration ________________________________________ 2 Copyright __________________________________________ 2 Contents ___________________________________________ 4 Introduction________________________________________ 9

1. General ____________________________________________ 9 2. Installation ________________________________________ 10 3. Describing the modules in ELWAVE ___________________ 11 4. Interface __________________________________________ 12 5. Hardware requirements _____________________________ 13

Minimum requirements____________________________________ 13 Recommended___________________________________________ 14

New in version 7 and higher . _________________________ 15 Calibration______________________________________________ 15 Full support for eSignal datafeed ____________________________ 15 Expert Advisor __________________________________________ 15 Quote Monitor___________________________________________ 16 Scanning Standard and Professional__________________________ 16 MetaStock 8.0 ___________________________________________ 16 Full support for Quote.com_________________________________ 16 Templates ______________________________________________ 16 Screens ________________________________________________ 16 Wave Tree, Wave Inspector and Summary Inspector_____________ 17 Quick Symbol ___________________________________________ 17 Automatic Scenario management ____________________________ 18 Automatic Analysis on open chart ___________________________ 18 Batch Processor preserves existing Scenario settings_____________ 18 Toolbar with various buttons _______________________________ 18 Full support for TenforeQuoteSpeed realtime datafeed (optional) ___ 18 Full support for KeyWord Wall$treet (Dutch/Belgian customers only, optional) _______________________________________________ 20 Expert Advisor __________________________________________ 20


Scanning Professional_____________________________________ 20 Getting Started_____________________________________ 21

1. Quick start ELWAVE _______________________________ 22 2. Additional topics ___________________________________ 33

The chart window ________________________________________ 33 Scrolling _____________________________________________ 33 Charting styles ________________________________________ 33 Zooming _____________________________________________ 35 Scaling ______________________________________________ 35 Compression __________________________________________ 36 Detail level ___________________________________________ 37 Rescaling of panes added to the price chart __________________ 37

Trend lines _____________________________________________ 37 Special feature ________________________________________ 38

Channels _______________________________________________ 38 Speedlines ______________________________________________ 39 Gann Fann______________________________________________ 40 Spirals _________________________________________________ 40 Trigger lines ____________________________________________ 41 Golden ratio Time Ruler ___________________________________ 42 Simulation______________________________________________ 43

3. SCANNINGeasy and simple ________________________ 45 Scan Inspector___________________________________________ 45 Analysis Batch processor __________________________________ 47 Scanning for trading setups_________________________________ 48

Using the Menu ____________________________________ 50 1. Chart_____________________________________________ 50

New Chart ______________________________________________ 51 New Quote window ______________________________________ 60 Open __________________________________________________ 61 Close __________________________________________________ 62 Save___________________________________________________ 63 Save as ________________________________________________ 63 Save as template _________________________________________ 64 Save all ________________________________________________ 64 Export Metastock ________________________________________ 64 Export ASCII ___________________________________________ 65 Print___________________________________________________ 65


Print All________________________________________________ 65 Exit ___________________________________________________ 65 Recent Scenarios_________________________________________ 65

2. Edit ______________________________________________ 66 Degree Up ______________________________________________ 66 Degree Down ___________________________________________ 67 Copy Chart _____________________________________________ 67 Delete _________________________________________________ 67 Properties ______________________________________________ 68

3. View _____________________________________________ 68 Zoom In________________________________________________ 69 Zoom Out ______________________________________________ 69 Zoom Reset _____________________________________________ 69 Hairline ________________________________________________ 69 Semi-log (linear) _________________________________________ 69 Targets ________________________________________________ 70 Charting style ___________________________________________ 70 Wave Tree______________________________________________ 71 Wave Inspector __________________________________________ 71 Summary Inspector _______________________________________ 71 Alert Inspector __________________________________________ 71 Scan Inspector___________________________________________ 71 Simulation Inspector ______________________________________ 72 Panes __________________________________________________ 73

4. Insert_____________________________________________ 74 New Indicator Pane_______________________________________ 74 New Indicator in Price Chart _______________________________ 78

Managing Indicator panes _______________________________ 79 Fibonacci Pane __________________________________________ 79 Volume Pane____________________________________________ 80

5. Analyse ___________________________________________ 80 Analyse entire chart ______________________________________ 81 Analyse selected wave (1 level) _____________________________ 81 Analyse selected wave (2 levels) ____________________________ 82 Update analysis __________________________________________ 82 Check Wave Count _______________________________________ 82 Convert to Wave count ____________________________________ 83 Clear Analysis___________________________________________ 83 Start batch processor______________________________________ 83


Save Custom layout ______________________________________ 83 Custom layout ___________________________________________ 84 Simple layout ___________________________________________ 84 Typical layout ___________________________________________ 84 Expert layout____________________________________________ 84

6. Options ___________________________________________ 84 Analysis______________________________________________ 85

Look for complex patterns _______________________________ 86 Extra wave degrees_____________________________________ 86 Indicate reversal on > 50% retrace (Modern rules) ____________ 86 Analyze last xxxx records________________________________ 87 Show analyzing _______________________________________ 87 Show confirmation dialog box ____________________________ 87 Show ALERT INSPECTOR when __________________________ 87 Check Signals _________________________________________ 87 Automatic Analysis update_______________________________ 88 Limit to once every __________________________________ 88 Automatic Analysis on blank chart_________________________ 88 Revert to old 6.2 interface _______________________________ 88

Target Zones ____________________________________________ 88 Wave Inspector __________________________________________ 89 Snap wave labels to extremes _______________________________ 90 Export Summary sgnals ___________________________________ 90

7. Price data _________________________________________ 91 Save price data ________________________________________ 91 Change price data location _______________________________ 91 Export price data location ________________________________ 92 Truncate price data _____________________________________ 92 Show truncated price data__________________________________ 93 Compress price data ______________________________________ 93 Correct bad ticks _________________________________________ 93 Edit price data ___________________________________________ 94 Perform stock split _______________________________________ 95

7. Screen ____________________________________________ 95 Open __________________________________________________ 96 Save___________________________________________________ 96 Save as ________________________________________________ 96 Close __________________________________________________ 97 Recent Screens __________________________________________ 97


8. Window___________________________________________ 97 9. Help______________________________________________ 97

INDEX ___________________________________________ 99 Prognosis Software Development License Agreement ____ 103


INTRODUCTION

1. General ELWAVE, a Windows based software program from Prognosis Software Development, has been specially designed for investors in order to apply the "Elliott Wave Principle" profitably, generally regarded as the most successful forecasting method ever discovered, but difficult to apply because of its complexity. In addition to its uncanny ability to forecast future events, the Elliott Wave Principle is known for its complexity. There are numerous rules and guidelines, which have to be applied objectively and consistently. This requires a considerable amount of experience, time and emotional control in order to make a high quality analysis of the markets and to make objective and consistent analyses, which is extremely difficult for humans to accomplish. Not so for a computer. Once the rules have been programmed, the computer can perform the analysis quickly, in an objective and consistent way. Of course, programming the experts knowledge is a very complex task to accomplish. It has taken many years of research, designing and programming the rules to achieve the results ELWAVE generates today. Particularly since a true Elliott wave model has been programmed, which is capable of analyzing the fractal nature of the markets by searching and approving patterns in patterns, in patterns and so on. ELWAVE comes in different modules, so every investor may choose to purchase the modules that fit his needs. In its full version the software is able to automatically detect Elliott Wave patterns in price information, thereby eliminating the need of many hours of tedious work, as well as to provide trading information. ELWAVE searches for the best alternatives and will show a clear outlook, presenting the most preferred alternative first. Even more important, it will summarize results, so the user gets a clear outlook and the probabilities as derived from the Elliott Wave Principle.


Although the analysis is done automatically, ELWAVE is not considered to be a black box! ELWAVE gives full insight in and information about the patterns of Elliott Wave by displaying all rules and guidelines, as well as the Fibonacci relationships. This way you will be able to detect why a wave count has been approved or rejected. Because of the availability of this information the software is not only a trading tool, but also a great learning tool. Not only will ELWAVE help you to unravel the Elliott Wave, it is also fun to use! Operating system: ELWAVE is available for Windows 95/98/2000/XP and Windows NT 3.51 (or higher). The Windows 95/98/2000/XP and NT version is truly object oriented with a 32-bit design for fast and more stable performance. It is highly recommended to use ELWAVE together with Windows XP

2. Installation Installation of ELWAVE requires some simple steps and will install itself on the fly: The software is advised to run with Windows XP, but it is compatible with all Windows versions.

Run Microsoft Windows. Insert the CD in the CD Rom drive, which normally is referred to as

drive D. Choose Run and type in the command line D:setup if the installation

menu does not appear automatically. Choose to install the regular version that requires a hardware lock.

Installation will start and guide you through automatic installation. Windows NT users must make sure to have administrator access in

order to install all files needed. After installation, insert the hardware lock in the printer port. Double click the ELWAVE program button.

The program will extract and install itself from CD. Follow the messages on your screen. The installation program will ask you to specify a directory in which ELWAVE will install itself. Insert the next


disk when asked for. After you have clicked the FINISH button, wait patiently until the installation is complete. The software may ask, when encountering previous versions, to keep files you have used before. Please read these messages carefully. ELWAVE will create a program window of its own. To start the program double-click the ELWAVE program icon

3. Describing the modules in ELWAVE The BASIC module is required for every other module of ELWAVE. It is a standard technical analysis package that does charting, indicators trendlines and supports all sort of other technical tools. On top of that it gives you the possibility of manually labeling the waves in the chart according to the Elliott Wave theory. Once the chart has been labeled by you, you can have the software check this and it will show misstakes if any. In addition it is an excellent edcational tool on the Elliott Wave, showing every pattern, rule, guideline and Fibonacci of the waves. To explore this in depth go to the chapter Manual Wave Count. The AUTOMATIC ANALYSIS module is the heart of the software, analysing the chart according to Elliott wave rules and guidelines, fully automatically. The chapter on this module will briefly describe how our Elliott Wave model works, a short description of analysis options, the difference between the CLASSIC and MODERN rules and how to inspect the alternatives, ELWAVE has found. Our Automatic analysis uses a true Elliott Wave model to detect valid patterns and to determine the future direction of prices, thus enabling you to forecast market issues more accurately The TRADING SIGNALS module summarizes the outcome of the automatic analysis in a concise way, looking for trading opportunities and listing the outcome in a separate window called SUMMARY INSPECTOR . The chapter on this topic explains the outcome and interpretation of the signal indications as well as further explanation of the SUMMARY INSPECTOR, the ALERTS INSPECTOR and the SIGNALS INSPECTOR. The TARGET CLUSTERS module makes Fibonacci price and time projections. Its chapter explains how to interpret time projections


using the TIME CLUSTERS indicator or the Target zone, which can be shown in the chart. The SCANNING module will search through and automatically analyse huge portfolios for opportunities according to your criteria. Its chapter will describe how to make ELWAVE select the most promising investments or trades all by itself, or according to criteria you have specified yourself. Using the scanning features ELWAVE will automatically scan, (re)analyse and present a list of stocks in a crystal clear way, saving you a lot of time in selecting the next big winners or loosers in the market. The EXPERT ADVISOR gives expert advise in natural language. The outcome of the SUMMARY INSPECTOR is reworked and presented in plain text in a separate dialog box for ease of use. The UDS module or Universal Data server takes care of the complex real time datafeeds for different data providers. Again this has been improved considerably in the latest version of ELWAVE

4. Interface Object Oriented interface The interface has been designed as a true Object Oriented Interface. This way you can access every object, e.g. indicators, targets, spirals etc., directly on the screen by clicking the RIGHT mouse button. This is one of the points that makes ELWAVE very user friendly and intuitive to use. In addition we have made the menu, as much as possible, compatible with standard Windows applications. The mouse is the most important device to the user. He can make the program do what he wants by pointing and clicking. According to the latest technology we have also applied "drag and drop" techniques extensively, which makes the software very intuitive. Grab Grabbing objects, like trend lines and wave labels, is an important technique to enhance ease of use. Clicking on an object with the left


button and moving the mouse pointer while keeping the mouse button pressed does this. The object has attached itself to the mouse pointer, so you can reposition the object. Drag and drop Drag and drop is the next step after an object has been grabbed. By this means the user directs the mouse to an object, presses the left mouse button and while keeping the mouse button pressed down, drags the object to its correct position. When the object is on the right spot in the chart, the user releases the mouse button to drop the object. Right mouse button According to the latest technology, the right mouse button can be used to show the underlying properties in the program. You can click the right mouse button anywhere on any object. If it is possible to adjust properties of the object on which the mouse pointer has been double clicked, a menu will appear. This works for example on trend lines, channels, targets, wave labels and so on. Just try it! Dockable toolbars The toolbars (on top of the screen) which contain Wave Labels and Chart Objects, can be docked at the top of the screen or undocked to reposition them as you like (as a floating window).

5. Hardware requirements

Minimum requirements Windows 95/98/2000/XP or Windows NT 3.51 or higher. IBM compatible pentium 100 MHz. 4-8 megabytes of RAM. 30 megabytes of hard disk space. Mouse. Color monitor. 800 x 600 but screen resoltuion of 1024 x 768 or higher screen

resolution. Data in eSignal, Metastock, ASCII file format or other supported

formats.


Recommended Pentium 1.8 gHz or faster. 64 megabytes of RAM, 32mb or more for intra day analysis. 1024 x 768 screen resolution. 500 mb of hard disk space to be used as virtual memory.


NEW IN VERSION 7 AND HIGHER .

Calibration The Elliott Wave analysis engine that is at the heart of ELWAVE has always been recognized as being the best around. Now with this release of ELWAVE comes a new analysis engine that is even better than the previous, providing more detailed and more stringently checked wavecounts than ever. In particular what you will notice is that wave degrees are now calibrated to a specific percentage of growth to correlate closely with the magnitude of wave degrees as defined in literature. Apart from improving the analysis itself this offers new ways to use the software, in particular when used in conjunction with the Scan Inspector. By defining your scanning criteria for a specific wave degree you can now focus on those trades that concur with your investment horizon. For those customers who have incorporated their current ELWAVE version in their trading system setup it is still possible to switch back to the old engine to yield analysis results identical to those found by ELWAVE 6.2. Full support for eSignal datafeed (requires UDS ServerFeed module) Our UDS ServerFeed module now offers seamless support for the eSignal TurboFeed datafeed. If you already have an eSignal account, please contact us to have the UDS ServerFeed module enabled. If you do not already have an eSignal account please visit http://www.prognosis.nl/esignal for options Expert Advisor (optional module) The new Expert Advisor is one of the highlights in version 7.1. By reporting a clear outcome and explanation of the analysis results in plain English it greatly simplifies using the software. The Expert Advisor can be started by clicking the yellow balloon icon. These is a choice of commentary (English in the pre-release CD-ROM) or a specific Trading setting that can spot trading opportunities.


Quote Monitor ELWAVE 7.1 features an integrated Quote Monitor. At present this works only with eSignal and FXtrek data feeds. Support for other real time feeds will be added later. Scanning Standard and Professional The Scanning Standard module now offers all the functionality previously offered by the Scanning Professional module. This means that you have more criteria to scan on. If your license includes the Intraday module you can also scan Intraday data files. MetaStock 8.0 Support for the MetaStock file format has been updated to include full support for version 8.0 data files Full support for Quote.com datafeed Our UDS ServerFeed module now also supports Quote.com (QCharts) From Lycos Finance. Please contact us for information on how to enable the UDS ServerFeed module. Templates Templates are also new in version 7.1 and allow you to specify any set of indicators and indicator panes and charting style to be applied to any newly loaded chart. The Batch Processor, which can be used to analyze a long list of charts overnight also respects any indicators present in the chart and leaves these untouched. If you reload a saved .elw scenario file chart it will not be affected by the currently selected template. Screens Screens can now contain unsaved charts and also the new Quote Monitor windows. Please note that if you do save charts as .elw scenarios or if you have the automatic scenario management enabled, screens will refer to the saved scenario files. This means that these charts will load exactly the way you left them and are not affected by the currently selected template.


Wave Tree, Wave Inspector and Summary Inspector The Wave Tree, Wave Inspector and Summary Inspector windows are now docked instead of floating, making it easier to arange chart windows, quote monitor windows for example using the Tile Horizontally and Tile Vertically functions. Quick Symbol Entry Toolbar Instead of using Scenario|New|From you can now use the QUICK SYMBOL ENTRY Toolbar to quickly open any chart without using the mouse! Just start typing the symbol , you could but do not need to click in the Symbol Entry toolbar first because it will automatically take the focus. Next press enter to load the chart.

The software will use the settings of the last time you have retrieved a chart. So if the last retrieved chart is an eSIgnal 1 minute chart, ELWAVE will do the same for the symbol entered. Additionally the software supports several toggles. For example typing IBM, b will retrieve a blank chart of IBM. Typing quick symbol: IBM,5,b loads a blank 5 minute chart. Typing: IBM,d loads daily and w weekly. You can use 1,5,10,15,30,H,D,W,M as time frames. Caps are not necessary. For UDS based dataformats the symbol entry is exactly that, so you will need to enter the exact and complete symbol in order for this to work. For some other formats, including MetaStock and KeyWord WallStreet this entry field works as a search field: if you type something for which there is more than one match a list will be shown from which to select. Please note that if the software finds scenario files with the same name as you typed, these will be listed in the toolbar. Click with the left mouse button or up/down arrow on your keyboard to select your choice.


Automatic Scenario management The first time you load a new chart in ELWAVE 7.0 you will be asked if you want ELWAVE to automatically generate and maintain an .elw scenario file for your chart. If you choose yes, a scenario file is generated automatically to store your analysis results, trendlines and other settings. This scenario file is also reloaded if you enter the corresponding symbol in the Quick Symbol Entry toolbar. When combined with a properly configured datafeed this allows you to completely forget where your files are stored: just enter the appropriate symbol and you will get back the chart as you last saw it. You will also no longer be asked if you want to save changes when closing a scenario as this is now down automatically. Automatic Analysis on open chart The second question that ELWAVE 7.0 will ask you if you open a new chart for the first time is if you want an automatic Elliott Wave analysis to be performed (requires Automatic module). By selecting yes and checking the Remember choice ELWAVE will perform an analysis any time you open a new chart. Batch Processor preserves existing Scenario settings The Batch Processor has been adapted to work together with the new Automatic Scenario Management feature of ELWAVE 7.0. Instead of overwriting the scenario created by ELWAVE the Batch Processor will now load the existing scenario, without the previous analysis (to save time) but with any indicators you may have added to the scenario. Toolbar with various buttons A toolbar has been added to provide direct access to some often used functions: Save, Analyse, Print, Target Zones, Scan Inspector. Let us know which functions you would like to see added to this list. Full support for TenforeQuoteSpeed realtime datafeed (optional) This release of ELWAVE features support for QuoteSpeed realtime and historical data from Tenfore, provided the Intraday module is


enabled in your copy of ELWAVE and you have a subscription to Tenfore QuoteSpeed. To use this new feature, select Scenario|New|From UDS in ELWAVE and select TENFORE as shown below:

You can set the start date, end date and the resolution for the data to import. To enter a symbol directly, double-click Manual, type the symbol and click OK to obtain a list of all matching symbols. Symbols are case-sensitive! To get a chart from Intel Corporation for example, enter INTC, not intc. Select the symbol you want and click OK to load the chart. Alternatively, you can double-click entries A to Z to obtain a list of all items that start with that letter. Notes: There is a limit to the number of days of historical data available from Tenfore To get more history, choose 5 minute, 10 minute etc. Tenfore support is available as a separate optional module. For information on pricing please check our web site.


Full support for KeyWord Wall$treet (Dutch/Belgian customers only, optional) Just like eSignal now ELWAVE features a fully integrated, seamless solution for Wall Street, in order to retrieve historic data and to keep the chart updated in real time. The previously used manual DDE solution is still available, even without the UDS module, but it lacks ease of use and is more tedious to maintain. ELWAVE now distinguishes between Wall$treet Daily and Intraday scenario files

Expert Advisor In version 7.1 we have released the expert module, which explains the current analysis in plain natural language.

Scanning Professional In version 7.1 we have included the Scanning Professional module with the Scanning standard. Herewith you can define very complex criteria for the Scanning to find those stocks according to your Elliott rules.


GETTING STARTED In this chapter we will introduce you to our Elliott Wave software. We will show you how to use ELWAVE without the necessity of being an Elliott Wave expert. Now Elliott Wave analysis and trading is just a few mouse clicks away. As a beginner or when only using the automatic features of ELWAVE you normally will not need the to study the advanced topics in the separate booklets. ELWAVE does the job automatically for you. Should you become interested in how ELWAVE does it and how the Elliott Wave theory works, then you can be assured to know that the software contains expert information as well. For experts we have a separate booklet named Advanced Topics that explains the possibilities and advanced features in more detail. The chapter MANUAL WAVE COUNT explains how to make an Elliott Wave count yourself instead of have ELWAVE do it for you. Of course you have to be an expert to make a high quality count yourself, but fortunately ELWAVE is able to check the count, even if you have the Basic module only. In addition in this chapter you will find more information about the WAVE INSPECTOR and the WAVE TREE. After you have followed the steps listed below, you should be able to use ELWAVE competently. We have assumed that you are familiar with the Windows environment, the way the menu works and so on. If not, you should study your Windows manuals.

If you are looking for an explanation on specific topics, check out the chapter TECHNICAL TOOLS-EXTRA INFORMATION. Here you will find more information on the loading and saving of data and scenario files, the price chart window, trend lines, channels, time ratio ruler and real-time data feed. For your convenience we have also added a chapter, that describes the menu options one by one, called USING THE MENU. Naturally we have included a separate booklet on the basics of THE ELLIOTT WAVE PRINCIPLE and a detailed description of the Elliott

Attention: You will need the special Automatic analysis module to automatically analyse price data according to the Elliott Wave Principle. In addition, you will need the Trading signals module to generate trading indications automatically. In order to use the scanning you will need the Basic, Automatic and Trading Signals modules.


Wave patterns. It is not necessary to read every chapter in order to use and apply ELWAVE, nevertheless it is recommended for the curious minds amongst you.

This separate booklet includes the use of INDICATORS and how to combine it with Elliott Wave. Not all the indicators have been explained, because many books on interpretation and use of these indicators are available. We recommend obtaining additional information on indicators from other sources as well.

In this section you will learn the essentials in order to commence using the program right away, assuming you have purchased the full End of Day or Intra day version. If you have the Basic version only, please refer to chapter Manual Wave count.

1. Quick start ELWAVE Once you have started ELWAVE by selecting Programs from the main menu of Windows and next select ELWAVE from the program list, or click the ELWAVE program button

ELWAVE 7.1.lnk on your desktop, the following, empty screen will appear:


Choose from the Chart menu in the left top cornerthe menu item New chart and select the PROVIDER in the left top of the dialog box, that will appear as shown below.

Now you can connect to your favorite data provider, like eSignal, to retrieve intraday data and let ELWAVE automatically update prices and analysis in real time. Or just load data files, like for example Metastock or ASCII files. More explanation can be found in the next chapter. Let us take eSignal as an example to load a chart. We will load the chart for the Dow Jones of which the eSignal symbol is $indu. Loading other financial items ofcourse requires to input the exact symbol for that item. In the dialog box below we are requesting a 5 minute chart from eSignal:


Now press the OPEN button in the dialog box to load the chart. On the right top corner of the dialog box you can set the first and last date of the price data to retrieve. Normally you would like to retrieve as many data as available until the current moment. Therefore set the first date at a very early date and check the box before TODAY to make sure you will always retrieve price data up to the last moment. Next the chart will appear in the format as set by the template selected before loading the data, see the dropdown box in the screen shot below. Please note that by default ELWAVE will us its automatic compression, to make sure that all data will fit in the chart window. If you prefer a preset daily, 5 min. or other compressions, click with the right mouse button on empty chart space, next to where the chart bars are displayed and select compression from the menu that appears.


After the chart has been loaded, choose Analyse entire chart from the Analyse menu or press the ANALYSE button at the top (next to the printer button)

Now ELWAVE will analyse the financial item of which the chart has been loaded and selected. Please note that if you have loaded multiple charts, the selected window chart, to be changed by clicking on the window with the mouse, will get analysed if you press the button mentioned above. Depending on the speed of the computer, the amount of data loaded and the complexity of the analysis, ELWAVE will need from a couple of seconds to 1 minute or more to finish the analysis. Once finished the following screen will come up by default, also referred to as the simple layout. In the example below data of the Dow Jones has been analysed.


Press the TARGET ZONE button on the top of the chart window,

to draw the TARGET ZONE and expected market PATH. Now the chart will look as in the following picture wherein support and resistance areas, based on Fibonacci price and time relationships, have been added in a red color, while the market path is yellow.


From the chart you will notice that shorter term on Intermediate and Minor degrees, as shown in the SUMMARY INSPECTOR , the trend is up. The one higher wave degree, Primary, is still undecided for which reason it shows higher as well as lower targets in the chart. The Target Zones clearly show first an utrend and later again a risk of a downtrend. To make it even easier for you we have added a new, separate module called the Expert Advisor. Press the EXPLAIN button in the toolbar to show what the Expert Advisor has to say

This gives the following result:


The Expert Advisor works rather simple. By pressing the drop down in the Expert advisor dialog box, you can choose between ENGLISH and TRADING. Choosing English will explain the current status of the stock under investigation. In fact it is combines an explanation of the Summary Inspector with additional information as for example what to look for when searching for trading opportunities. Choosing Trading in the drop down box will show you only if triggered- trading advise. Several trading setups have been defined. If a trading setup is detected or triggered in ELWAVE, the Expert Advisor will show very specific information, otherwise it will be empty. See the example bellow.


Selecting English in the drop down button will show the following:

ELWAVE will present all information, after completion of the analysis in the chart, in the Expert Advisor and in its SUMMARY INSPECTOR.


In the chart the software will show the Preferred wave count (other counts are in the background, but normally you will not need this), Targets of the SUMMARY INSPECTOR (Diamonds) and of the wave count displayed (vertical bars with intersections), Exits of the SUMMARY INSPECTOR (Triangle). At the bottom of the screen ELWAVE will show the most important piece of information in a separate window called SUMMARY INSPECTOR, which will summarize all validated Elliott alternatives into a clear outlook. Now take a look at the SUMMARY INSPECTOR to spot trading opportunities in the EASI indicator column. The more positive indications are shown, the stronger the uptrend and vice versa. From large to small this window will list information on multiple time frames, which are called wave degrees in Elliott Wave terms. The more timeframes or wave degrees (the first column in the SUMMARY INSPECTOR) agree upon a positive or negative outcome, the higher the probability of the next price move.See the next screen shots of ELWAVE as a first example. First a very positive outlook for the Dow in 1993, see the Summary Inspector. We all know what happened thereafter.


A Negative example is shown below. All trends are down and 2 negative readings in EASI are there, forecasting lower targets to reach.

In the screen shot on the next page we have explained the most common and most important features of ELWAVE. Please note that clicking on chart area or indicators with the right mouse button will allow you to change its properties, while clicking on it with the left mouse button will select it for deletion or dragging. Selecting a button, for example the trendline button, with the left mouse button, keeping the mouse button pressed and simultaneously dragging it and next dropping it in the chart, will add objects to the chart.


It is that simple! Please note that you can easily adjust the layout of the information presented. By default ELWAVE will show analysis results in the Simple Layout format, which is advised for non-expert users. Under the Analysis menu you will find several standard layouts as well as a custom layout, which you can define and save yourself, to meet your preference.


2. Additional topics

The chart window

Scrolling This function will allow you to easily find that section of the chart that is of special interest to you. To scroll the chart press the scroll bar positioned at the lower left corner of the chart window. To scroll left press the left arrow or left of the scroll button and vice versa to scroll right. If you scroll the chart far enough to the right, empty space will appear where the price data stops.

Tip: You can change the properties of all objects in the price chart and the indicator pane by clicking with your left mouse button on these objects. Alternatively you can double click with the left mouse button to change its properties. Notice that the mouse pointer will change when moving over an object.

Charting styles To change the charting style, choose from the menu on top of the screen the option View, next select the menu item Charting styles If you select this menu item a dialog box will appear, where you can select one of the following styles: OHLC Bar

This chart displays the price chart as bars, including the open high and low closing prices. Using this chart you will see three times less detail in your price chart.

HL Bar This charts displays the price chart as bars without Open and Close. Using this chart you can display the maximum number of bars.

Line This chart displays a line graph by connecting the closing prices.

Candlestick The price chart will be displayed as a so-called Candlestick chart.

Elliott OHLC Line This charting style has been specially designed for the Elliott Wave. Each time interval in the price chart will display the Open, High, Low and Close in the order they


occurred, provided this information is available which is not the case in normal End-of-Day charts.

Elliott HL Line This charting style has been specially designed for the Elliott Wave. Each time interval in the price chart will display the High and Low in the order they occurred, provided the information is available.

Alternatively you can position the mouse pointer above empty space on the price chart and double click the left mouse button. A dialog box will appear in which you can change the charting style by selecting the charting style of your choice from the drop down box. We will explain the dialog box below: Graph type As explained above under charting styles. Component Select if you would like to change the setting of for example the High-Low bar, the Open and so on. You can change pixel size or color settings. Color Change the color of the Bar, line, Candlestick etc. Size Change the size (in pixels) of a Bar, Line, Candlestick etc.


Zooming The zooming function allows you to take a detailed look at a

specific section of the chart. First click the right mouse button in empty chart space and select Zoom in from the menu. Alternatively you can select Zoom in from the View menu. The cursor will change to a magnifying glass. Click the mouse at the beginning of your selection and drag the mouse to the end of your selection to select the area you would like to see in detail. Release the mouse and you will now see in detail the selection you have made. By choosing the menu item Zoom out, you will return to your previous chart view. The Zoom Reset option will reset all the zooming steps you made, and show the entire chart plus an empty space to the right.

NOTE: the program will remember the steps you have made while zooming in. NOTE: the zoom selection will only apply to the time period (X-axis) not the price scaling (Y-axis), which will scale automatically!

Scaling The scaling of the Price (Y-axis) will be done automatically by the program in such a way so that the high and low of the chart will always be visible. The Y-axis can be adjusted by clicking the left margin. In the margin you see two kind of buttons, which can be dragged or clicked. If you click the button on top, you can adjust the margin at the top of the chart. By clicking the button at the bottom you can adjust the margin below the low of the chart data. For example one can increase the available space above the high of the chart, to reveal all wave labels, by dragging the border of the button down or click just under the button in the margin. Clicking just under the button will increase the area above the high. To increase the margin under the low of the chart, in order to reveal all wave labels, drag the border of the button up or click just above the button in the margin. Clicking above the button will decrease the area under the low. Please see the following:


Click here to increasetop margin of pricescaling

Click here toincrease bottommargin of pricescaling

Click here todecrease bottommargin of price

li

Click here to decrease topmargin of price scaling

Drag border toreadjust the margin

Compression

Using this option, you can compress the time period from minute, daily to weekly to fit a longer time period in your chart view or input a user-defined compression as you like. Normally you wont need this option because ELWAVE will compress automatically, if automatic compression is on. This is very convenient, the only drawback is that gaps like those in daily graphs dont appear.

To compress time periods (X-axis), press the right mouse button and select Compression from the

menu. Then select the compression of your choice. Resetting the compression will still show the last price data of the chart. The software will make calculations to fit as many data points in the chart window as possible.


Detail level Detail level is linked to wave degrees. You can determine up to which wave degree you would like to show the wave labels and attached objects. Click the scroll bar at the right underneath the chart to adjust detail.

Rescaling of panes added to the price chart The size of the panes for indicators, Fibonacci and volume can be changed by grabbing the borderline between the pane and the price chart and dragging it to a new position.

Trend lines Conventional technical analysts connect lows or highs when drawing trend lines, while Elliotticians connect the points where waves begin or end, which could make an important difference. In ELWAVE both methodologies are supported. A trend line can be inserted anywhere in the price chart, even in the indicator window, which we will explain later. In this program a trend line is an object, like all the objects in the objects window or box.

To place a trend line, grab (like always; click on the trend line with the left mouse button, while keeping the mouse button pressed) the single trend line from the CHART OBJECTS box, drag the trend line to the place where it should be inserted and drop it (by releasing the mouse button). Then click precisely on the trend line, this way it is selected and you can adjust it. After selecting the trend line, two handles will appear (small square boxes). To resize or move the trend line, grab a handle and drag it to the right position. If you drag it on a wave marker the trend line will attach itself to this wave marker. This means it will be repositioned when you grab and drag the


wave label later on. Repeat this for the second handle of the trend line. To change the properties of the trend line, position your mouse pointer exactly on the trend line, press the right mouse button and choose properties. Alternatively you can easily change the properties of any object by double clicking it with your left mouse button.

Special feature Watch what happens when you drop the trend line on a manually placed wave label! (This does not work on automatic wave counts, so first choose Convert to wave count from the Analyse menu) It will automatically connect with the previous wave label. For example dropping the trend line on wave 4 will automatically draw a line from wave 2 to wave 4 (with an automatic extension). Dropping it on wave B will connect the line with the previous wave 5. Practice this option now, by dropping trend lines on any labels.

Channels Channeling is an important technique used by Elliott Wave analysts in order to see realistic price targets, and therefore this is thoroughly supported in this program. Channels can be inserted manually or the software can insert them automatically after automatic analysis of a chart. The latter channels can not be selected.

The following describes how to insert channels manually in the chart. Like trend lines, a channel is an object. Channels can be dropped anywhere in the chart. Then select the channel by clicking on it and adjust its position by grabbing the handles.


A more convenient way to use channels is to label the chart first and then grab the channel icon from the objects box, drag it to the wave label which you would like to channel and drop it on this wave label. Notice that dropping the channel on wave label (II) will connect this wave label with the origin of wave (I) and draw a parallel line from wave (I). Dropping the channel object on wave label (III) will connect waves (I) and (III) and draw a parallel line from wave (II). Logically dropping it on wave (IV) will connect waves (II) and (IV) and draw a parallel from wave (III). This also works in corrective waves, where you can drop the channel on wave label (B). Dont hesitate to try this now! Of course, you are not obliged to drop the channel on a wave label. You can drop a channel anywhere you like. To resize or reposition the channel click on one of the trend lines of the channel and three handles will appear. The handles work in the same way as those of the trend lines mentioned in the above section. The only difference is that the parallel line will move a long with the base line. The handle on the parallel line can be used for repositioning the parallel line. Naturally this line will always keep its parallel position. To change the properties of the Channel position your mouse pointer exactly on the Channel, press the right mouse button and choose properties. Alternatively you can easily change the properties of any object by double clicking on it with your left mouse button.

Speedlines Grab from the chart object toolbar the Speedlines button and drop it in the chart or on a manual wave label. Click on the upper speedline to adjust the drawing of the speedlines, handles will appear which can be used to readjust the speedlines.


With respect to uptrends, connect the beginning of the speedline or the first handle to the low and the second handle to the first important high. The market should find support at the 2/3 speed resistance line. If this breaks, most probably the lower degree pattern has been completed and a wave of higher degree is in progress. If the market breaks below the 1/3 line it is highly probable that a new low is just around the corner. Theoretically all speedlines should project important support and resistance points.

Gann Fann Use these tools to detect simetry in the markets. Place it on a top or a bottom where historic prices touch the trendlines at the left, even if you have to place the origin of the Gann Fann above the top or below the bottom in the price chart.

Spirals Logarithmic Spirals can be placed anywhere in the chart through "drag and drop". You can find the Chart object box on top in which you will find the Spiral button. Move the mouse pointer to the window, click the left mouse button on the Spiral in the CHART OBJECT box, keep the mouse button pressed, and drag the Spiral to its correct position. Release the mouse button and the Spiral will position itself on the spot you have indicated. Notice that spirals can be attached to wave labels as well.


These spirals use the golden ratio of 1.618 and turn left. Spirals not only show a price target, but also a time target. However, it is of paramount importance to adjust the scaling of Y- and X-axis correctly, which needs a lot of experimenting. To change the properties of the Spiral, position your mouse pointer exactly on the Spiral, press the right mouse button and choose properties. Alternatively you can more easily change the properties of any object by double clicking it with your left mouse button.

Trigger lines Trigger lines can be placed anywhere in the chart with "drag and drop". You can find the Chart object box on top in which you will find the Trigger line button.

Move the mouse pointer to the window, click the left mouse button on the Trigger line in the Chart object box, keep the mouse button pressed, and drag the Trigger line to its correct position. Release the mouse button and the Trigger line will position itself on the spot you have indicated. Notice that Trigger lines can be attached to wave labels as well. If a real-time feed has been activated, in the Intra day version running under Windows 95/98/2000 or NT, Trigger lines will generate a sound the moment the price action penetrates the trigger line up or down. Copy a sound file with the extension .WAV file to the root of drive c:\ before you start the program to enable this. These Trigger lines can be inserted at specific places in the pattern to generate warnings of possible Buy or Sell signals. To change the properties of the Trigger line, position your mouse pointer exactly on the Trigger line, press the right mouse button and choose properties. Alternatively you can more easily change the properties of any object by double clicking it with your left mouse button.


Golden ratio Time Ruler The TIME RULER can be placed anywhere in the chart with "drag and drop". You can find the CHART OBJECT box on top in which you will find the TIME RULER button.

Move the mouse pointer to the window, click the left mouse button on the TIME RULER in the Chart object box, keep the mouse button pressed down, and drag the TIME RULER to its correct position. Release the mouse button and the TIME RULER will position itself on the spot you have indicated. Notice that TIME RULERs can be attached to wave labels as well. If you click on the horizontal line of this time object exactly, you will select the object. Two controls will appear, which you can grab and drag to reposition the object as well as to drop it on a wave label. If the object

is selected press DELETE to erase the object.

Tip: Dragging one of the controls of the TIME RULER and pressing SHIFT when releasing it near a top or low, will force the TIME RULER to connect exactly to that high or low!

The TIME RULER object displays the Golden ratio and facilitates finding such time relationships. You could for example use the time object to find a date for a new future low by connecting lows. The same goes for major highs, but of course then you have to connect major highs or try to find clusters by connecting all major reversals. If you put the origin of the line at the first major low and the1.00 point at the second low, you will have a forecast for the following major low at point 1.62 (which is 38.2% of the length of the beginning of the line to point 1.00) and at point 2.62 (which is 61.8% of the afore mentioned length). If you experiment with this tool, you may find interesting Fibonacci time clusters that forecast future price action. To change the properties of the TIME RULER, position your mouse pointer exactly on the TIME RULER, press the right mouse button and choose properties.


Alternatively you can more easily change the properties of any object by double clicking it with your left mouse button.

Simulation Strong educational features of the program are the powerful simulation features. You can access these features either by selecting Simulation inspector from the View Menu or by choosing Truncate Price data from the Price data menu. The SIMULATION INSPECTOR looks as follows:

It works rather straightforward; first determine with the hairline in the chart where to start the simulation, then invoke the Simulation Inspector and press the START NEW SIMULATION button. Input the record number and the future data will be eliminated. Now press the + button to add data to the chart and press BUY or SELL when your trading strategy, in conjunction with the outcome of ELWAVE or not, calls for action. This way you can really learn how the Elliott Wave program works and determine your most preferred trading or investment strategy. Truncate the price data wherever to investigate what the analysis looks like, if future data were unknown to ELWAVE. Alternatively you can choose the TRUNCATE PRICE DATA option, move the mouse pointer over the chart area where you would like to truncate the chart and watch the right end part of the


status bar for the index number, which has to be inserted in the TRUNCATE dialog box. Next have ELWAVE analyse the chart automatically by choosing from Analyse menu the option Analyse entire chart and use CTRL-1 to CTRL-9 keys to add data bit by bit. (Please note that Numlock must be on). CTRL-1 will add one data point or bar, CTRL-2 will add 2 data points, CTRL-3 will add 4 data points and in the same way a higher number will double the number of data points added at once. When new data is added the software will check if critical price levels have been penetrated. If so, it will update the analysis and refresh information in the SUMMARY INSPECTOR and show the ALERT INSPECTOR, which show rules that have been triggered.


3. SCANNINGeasy and simple Now, if you have purchased the scanning module, it is even simpler to operate ELWAVE. This module puts an awesome power in your hands when searching for trading opportunities according to your own criteria. One of its most popular uses is to let the Scan Inspector analyze a large portfolio of stocks every day or night, working while you are asleep, fully automatically. The next step and only step for you would be to scan the already analyzed charts for your trading criteria, which will take just a minute. Looking for charts with only positive or negative readings? ELWAVE will list them for you!

Scan Inspector Choose View from the main menu and select Scan Inspector. The Dialog box of the SCAN INSPECTOR will appear immediately as shown below.

Alternatively you can use CTRL-S as a shortcut or press the SCAN INSPECTOR button (encircled above).


If you are using the SCAN INSPECTOR for the first time, You will need to define your list of stocks, while conditions sets already have been predefined. To define a scan list press the EDIT button in the top left corner next to the SCAN LIST drop down box, which displays US stocks in the above screen shot. The following dialog box will appear:

Press the NEW button to make a new list or REMOVE to delete one. Press the ADD button to add items to a newly made or already existing list. Selecting an item in the list and pressing the REMOVE button (under the ADD button) deletes the item. If you press the ADD button the following SELECT SYMBOL dialog box will appear:


This is exactly the same dialog box as when selecting New chart from the main menu. In this example the eSignal dialog box is shown. However, selecting another datavendor or data format in the top left corner of the next to PROVIDER- will show a different interface. This means you can add items from different sources or data vendors to your list. Now insert a symbol in the SELECT SYMBOL dialog box, specify period and timeframe, and click OPEN. Repeat this for every item you would like to add.

Analysis Batch processor Select from the SCAN LIST which list of items to scan for by pressing on the drop down button of the SCAN LIST in the left upper section of the SCAN INSPECTOR dialog box First you need to analyse the items in your scan list or to update the analysis with the latest price information. Press the ANALYSE button in the dialog box to do so.


On the next page you will find the dialog box that will pop up. It is recommended to use the default settings as shown in the dialog box, apart from the printer setting, which optionally makes ELWAVE print every chart automatically.

Pres the START button in the dialog box to start analysis. Once the analysis is completed, which may take a while, go back to the previous dialog box by pressing the CLOSE button.

Scanning for trading setups Press the drop down button of the CONDITIONS in the right upper section of the SCAN INSPECTOR dialog box to select the criteria or conditions set.


Please note that you can make as many scan lists and conditions sets as you like. For your convenience we have already predefined the most important conditions to scan for. Choose for example the already defined 3 positive any wave degree list to select stocks that have a high probability of a strong uptrend, or choose 3 negative any wave degree to find stocks that have a good chance of being in a downtrend.

Press the SCAN NOW! button to start scanning your list for the criteria selected. The results will be presented in the window in the dialog box. Click on the ACCEPTED tab to see the items that comply with the conditions. Click on the REJECTED tab to see items that were dismissed. Press the SHOW DETAILS button to show the SUMMARY INSPECTOR of your selected item in the ACCEPTED or REJECTED tab Additionally you can sort the outcome on several columns as visible on top of the results window. By default the list is sorted on Name You can also ask the Expert Advisor for its opinion on each stock by first selecting te stock in the ACCEPTED or REJECTED Tab and next pressing the EXPLAIN button in the SCAN INSPECTOR Dialog box.


USING THE MENU Next we will explain how the menus work and what the commands do. The menu works in the same way as in most Windows programs. If you are a novice to Windows, consult your Windows manuals. First time you chart ELWAVE, it will show an abreviated main menu on top of the screen. Once a chart has been loaded the full menu will appear. From ELWAVE 7 versions the Scenario menu item has been renamed to Chart.

1. Chart The Chart menu is used to create a new Chart window in which first to load your price data and next to analyse the chart according to the Elliott Wave Theory. Furthermore you should use the Chart menu to save and load scenario files, which contain your manual wave count or your automatic analysis. A scenario file will not only remember the wave count, trend lines, channels etc., but also the indicators and panes as well as the layout of your scenario file. In accordance with Windows standards you can also find the Print menu items under the Chart menu, as pictured below.


To access the Chart menu click on Chart with your mouse and choose the correct menu item.

New Chart Select the Chart menu and choose New Chart and next select your data provider from the list in the drop down box at the left top of the SELECT SYMBOL dialog box. The supported data formats are ASCII, CSI, eSignal, Metastock, FutureSource, Fxtrek, Keyword Wallstreet, Market Maker, Taipan, Tenfore, Quote.com, Omega Global server, TC2000, TechTools, Ticks RUS and more coming. Depending on the provider, the dialog box for retrieving price data will be different, since every data provider uses its own format. Now, in the latest version, ELWAVE supports a seamlessly integrated support for retrieval of real time data. This means a zero maintenance solution; just type the symbol in the Symbol field on top at the left of the ELWAVE screen or retrieve the price data via the Select Symbol dialog box as shown below. As soon as the price data is loaded, ELWAVE will retrieve every new tick or changes in price data of the symbol and


update the chart automatically. This is supported for eSignal, Tenfore, Quote.com and Keyword Wall $treet. eSignal

To begin with the eSignal dialog box; once you have selected the data provider, type the Symbol in the SYMBOL field, set the begin date and end date in the DATE field, choose the RESOLUTION or time frame (Daily, 1 min, 5 min etc) and select the OPEN button to import new data. Please note that checking the TODAY box will allways load price data up to the last moment. Otherwise real time data can be retrieved by using the DDE server. Then you first have to load the price chart, for example ASCII data and then connect with the DDE server. To do so, choose Chart from the main menu, next New Chart and then choose in the PROVIDER field DDE SERVER.


DDE SERVER Skip this section if you have eSignal or one of the other data feeds that support real time automatically. . It is imperative that your data vendor supports a so-called DDE link. If you can establish DDE links in, for example an Excel spreadsheet, you can do the same using ELWAVE. See also the special topic Real-time data feed in the advanced booklet. This has replaced From realtime datafeed (intra day version only) to collect real-time data from scratch. Wait until the chart appears, which will happen as soon as sufficient ticks have been collected. To fill out the START REALTIME DATAFEED dialog box, see advanced topics or our website www.prognosis.nl for an example. You need exact specifications from your data vendor to fill out the DDE SERVER field and the TICKER(Topic) field.


Of course an automatic analysis will only be realistic if enough data points are available, so you will have to wait for 500 data points or 2 days, before choosing automatic analysis. After choosing this command and completing the real-time feed dialog box, ELWAVE will show a new chart window saying waiting for sufficient data to display chart DO NOT change, save or do anything before the chart data appears in the chart window.


ASCII

Cruise to the directory where your files are located. Select the file in the pane at the right and click OPEN. If no file names appear in the list box, you will have to navigate to the directory where you keep your files by clicking on the drop down box next to LOOK IN, click on the drive or directory to list its contents. Please note that only the Intra day version supports intra day files. Selecting the drop down arrow next to the FILES OF TYPE field allows you to change again to another data format or data vendor. On choosing ASCII files a dialog box will appear, where you can click the file in the section at the right to select which file to load. Load the ASCII file of your choice. Files with extensions like *.prn will be displayed automatically, otherwise fill in the correct file name to open the file. After pressing the OPEN button a second dialog box will appear.


Specify the correct date format!!

DATE FORMAT Here you can define the format of your ASCII file in order to load it correctly. Specify the correct items and the correct date format for each column by clicking on the down arrows in the combo boxes and select the correct option. Please note that the format DD/MM/YYYY is equal to DD-MM-YYYY as listed in the predefined formats in the dialog box. COMMA-DECIMAL Specify here if your data file contains a comma or decimal seperator SKIP FIRST LINES Sometimes the first lines of a data file contain information which you would like to skip. This can be defined here MOST RECENT DATE IN FIRST LINE Some ASCII files (like CQG) contain the data in reversed order, where the last or most recent price information is on top


of the file. Check this box to make ELWAVE read a reversed file. ASSUME FORMAT FOR ALL SELECTED ASCII FILES If the format of your ASCII files is always the same, just check this box so ELWAVE will remember the settings. If your ASCII file has been defined correctly click OK and the file will get loaded. When the file has been loaded, it is a good idea to save it as a scenario file by selecting Save as. The scenario file has a link to the correct ASCII file, so the next time you load the scenario file it will load the ASCII file directly. The data will be imported, so you can start a new Chart from scratch If you already have defined and saved a scenario file you could open this scenario file by selecting Open from the Chart menu, but more on that later. Metastock The same applies as above, the only difference is that FILE TYPE must be set to Metastock 3.1 or to Metastock, which should be used as a default!

Please note that you can select multiple items to load a couple of charts in one go. Click on the first item and click on the last while holdng down the SHIFT key or add items while pressing the CTRL key when clicking on it.


Quote.com This pops up a different dialog box, which speak for itself. Next it will ask for the following information

Enter the required information to connect to Quote.com. Fxtrek Make sure you have the Fxtrek plug installed first.

TC2000 data


The same applies as above, the only difference is that FILE TYPE must be set to TC2000 3.0 or TC 2000 4.0/4.1. CSI data The same applies as above, the only difference is that FILE TYPE must be set to CSI. FutureSource data The same applies as above, the only difference is that FILE TYPE must be set to FutureSource. TechTools data The same applies as above, the only difference is that FILE TYPE must be set to TechTools. Keyword Wall$treet or professional data The same applies as above, the only difference is that FILE TYPE must be set to Keyword. Go to the directory c:/WS or C:/ Wall street if the software does not so automatically.

Please note the 2 fields at the right top above the list of items. Change between Daily and Intraday if necessary. Omega Globalserver


Only the Omega 2000 version is supported.

New Quote window Select this menu item to open a quote window to monitor your favorite stocks in real time.


On top of the Quote window you can choose the scan list on the left. Each Scan list is a predefined selection of stocks or other financial items that can be retrieved at the press of a button. The same scan lists are used in the Scanning module. On the right top you will find a layout button, where you can edit and save the layouts you have defined yourself.

Open To open an existing scenario choose the Open command from the Chart menu. A dialog box will appear, which requires you to specify the file name of the scenario, the directory and the drive. ELWAVE will remember the directory that was used last. If the default directory is not the location of your scenario file, then browse to the right directory. Using this menu item you can retrieve previously saved hand made or automatic analyses.


The Windows 95/98/2000/XP OPEN Dialog box looks as follows:

The first time you use ELWAVE, you must use the example scenario files or import one of your own files, since no scenario files of your own have been saved yet. File name Type the file name or select the scenario file with your mouse. If you double-click on the file name, the chart will load automatically. Look in Here you can browse to the directory that contains your files. Files of Type For now the only file type available is an ELWAVE scenario file. The program will add the extension .elw to the file name you have specified. Open If you have typed the name of the file, confirm to load this file by clicking on the OPEN button. Cancel Click the CANCEL button to leave the OPEN dialog box. No file will be loaded.

Close Select the Chart menu and choose Close. Use this command to close the active scenario file. If you didnt save changes


made to the scenario, the program will remind you to do so now. Choose YES if you want to save the changes using the same name. Choose CANCEL if you change your mind.

Save Select the Chart menu and choose Save. Choosing the Save command will save the scenario file instantaneously. This could be a hand made wave count or an automatic analysis. This way you can save your scenarios fast without renaming them. If a scenario is unnamed, you will be asked to provide a file name, if the software itself does not already suggest a name. If the scenario file already exists you will be asked if you want to replace it. Click OK if you agree and CANCEL to return without saving.

Save as Select the Chart menu and choose Save as. The Save as command is used to save the current scenario file the first time or to save it using a different name. This is useful in order to create alternative scenarios, which are derived from the active scenario. This could be a hand made wave count or an automatic analysis. This way it is easy to create as many scenarios as you like for the same security.


File name. Type the file or select the scenario file with your mouse. It is helpful to specify a file name, which is easily recognizable. For example if you are saving the preferred scenario of the Dow Jones, then type Dowpref or any other file name which reminds you what it is. Save in. Here you can browse to the directory where you want to save your files. Save as Type. For now the only file type available is the ELWAVE scenario file. The program will add the extension .elw to the file name you have specified. Save. If you have typed the name of the file, confirm to save this file by clicking on the Save button. Cancel Click the Cancel button to leave the Save dialog. Nothing will be saved.

Save as template Select the Chart menu and choose Save as template. This

command is used to save the current chart layout, including indicators and panes, so you can retrieve your settings easily.

Tip: if you change your preferred scenarios often, you could include the date in the file name. The preferred scenario for the first of January 1999 could have the name dj1999P. This way you can keep track of the chronological changes of your preferred scenarios.

Save all Select the Chart menu and choose Save all. Use this command to save all open scenario files at once. If a scenario is unnamed, you will be asked to provide a file name.

Export Metastock Select the Chart menu and choose Export Metastock. This command exports the price data of the active chart


to a Metastock (intra day) file. This can be used to convert an ASCII data file to Metastock format.

Export ASCII Select the Chart menu and choose Export ASCII. This command exports the price data of the active chart to an ASCII (intra day) file. This can be used to convert a Metastock data file to an ASCII file.

Print Select the Chart menu and choose Print. The Print command prints the active chart, including visible panes as well as THE SUMMARY INSPECTOR if you have checked this option in the Print dialog box

Tip: To print the entire screen press the Print screen key, switch to your word processor, import the picture with CTRL-V and print it from there.

Print All Select the Chart menu and choose Print All to print all charts in different windows at once.

Exit Select the Chart menu and choose Exit. To leave ELWAVE choose the Exit command. As usual the same can be accomplished by simultaneously pressing ALT-F4 on the keyboard.

Recent Scenarios Select the Chart menu and choose one of the recent scenarios. At the bottom of the Chart menu you will find a list of the last scenarios which were loaded earlier. For your convenience ELWAVE, will remember the last four scenario files. This way you have quick access to the files you probably use most. Click on one of the listed files or press the number in front of the file.


2. Edit The Edit menu is used to make modifications to your analysis. Some menu items allow you to change the wave count easily. Also you can delete selected objects with the menu item Delete. Pressing the Delete key can also do this. Furthermore it is possible to modify the properties of the selected object and to copy the chart or screen to the clipboard. The Edit menu looks as follows:

To access the Edit menu click on Edit with your mouse and choose the appropriate menu item.

Degree Up Select the Edit menu and choose Degree Up. This command only works on manual wave counts, not on an automatic analysis, and is specifically intended for Elliott Wave analysts. Choosing this command will alter the wave degree of the selected wave label, or group of wave labels, to a one higher wave degree. Note that you first have to make a selection by dragging the mouse over the area in the chart that contains these wave labels or select them with CTRL key pressed and left mouse click. When analysing the wave count of a security it often happens that you have to change the wave degree up or down, for example when an extension or a failure occurs. Instead of deleting the wave label(s) and inserting a wave label of higher


or lower degree, you can change the wave degree immediately.

Degree Down Select the Edit menu and choose Degree Down. This command will do the same as Degree Up but will change the selection to a one lower wave degree. When analysing the wave count of a security it often happens that you have to change the wave degree up or down, for example when an extension or a failure occurs. Instead of deleting the wave label(s) and inserting a wave label of higher or lower degree, you can change the wave degree immediately.

Copy Chart Select the Edit menu and choose Copy Chart. Use this command to copy the chart to the clipboard. Then you can switch to another Windows application such as a word processor or a graphical program and paste the contents of the clipboard into the application. As opposed to a bitmap picture, this picture will be relatively small and the embedded objects can be edited in another drawing program.

Delete Select the Edit menu and choose Delete when you want to delete a selected object. Note that you will have to select the object first by selecting it in the chart with a left mouse click!

You can also press the DELETE key on your keyboard to delete the object. If you want to select multiple objects, you can select these objects one by one with your mouse, while keeping the CTRL key pressed. By dragging the mouse over a certain area of the chart, you can select all objects in this area at once.


Tip: to remove any pane position the mouse pointer on the pane border at the bottom of the pane, grab the border and drag it as high as possible. If you release the mouse button, the pane will be deleted.

Properties Select the Edit menu and choose selection Properties... when you want to change the properties of a selected object. A dialog box will appear, where you can change the appearance and the parameters of the object, if available. Alternatively you can change the properties of any object by double clicking it with your left mouse button.

3. View The View menu is used to control the layout of your screen, except for the analysis layout, which can be found unde the Analyse from the main menu. Zooming will allow you to display a specific part of the price chart. You can choose to show, or to delete, indicator panes, volume, Fibonacci ratios and the display of other objects for example targets and channels.


When a price chart gets crowded because you have inserted a lot of objects, you can choose to show a selection of the objects, instead of showing all.

Zoom In Select the View menu and choose Zoom In. First you have to

select this command and then select the area of the price chart by dragging with your mouse. Then you can use this command to zoom in on the selected section of the price chart.

Tip: Alternatively you can use the mouse for setting chart properties and to zoo: click the right mouse button on empty chart space and a menu will pop up.

ELWAVE will remember your entire zoom in steps and save them in a scenario file. With the Zoom in and Zoom out function you can show more, or less, detail in the price chart.

Zoom Out Select the View menu and choose Zoom Out. You can use this command to zoom out and go back one step at a time, repeating the same steps you did when zooming in. ELWAVE will remember your entire zoom in steps.

Zoom Reset Select the View menu and choose Zoom Reset. This command can be used to reset all zooming steps you have made while using ELWAVE. Once you have reset zooming the zoom steps will be lost! Dont save the scenario file if you would like to retain these steps.

Hairline Select the View menu and choose Hairline. This command will allow you to toggle the display of the hairline.

Semi-log (linear) To change the scaling of the chart (Y-axis), choose from the menu on top of the screen the option View, next select the menu item Semi-log. If semi-log is the current scaling, you will


notice a marker in front of this menu item. To change the scaling to line chart, choose the menu item Semi-log (now the marker in front of it will disappear).Alternatively you can change the properties of the price chart by double clicking the right mouse button on any region of the price chart as long as it is not occupied with any object. In a semi-log scaled chart, the distance between each point is related exponential, by which means that the distance between 20 and 40 (a 20 point, 100% increase) should be the same as the distance between 40 and 80 (a 40 point, but still 100% increase).

Targets To toggle the display of target ratios, which are printed left of target lines, choose Target Ratios. This option is useful when the ratios, printed at the left of the target lines, diminish the clarity of the chart. You can choose to display target ratios and/or target values at the right or the left of the target lines or to display just the target lines.

Charting style To change the charting style, choose from the menu on top of the screen the option View, next select the menu item Charting style If you select this menu item a dialog box will appear, where you can select the charting styles. The picture below shows the dialog box with the different

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