Double three (WXY) and Triple Three (WXYXZ)

Indyan

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Hello,
While auto analyzing elliott wave, it only count impulsive and correction and dont mark double three wxy or triple three wxyxz, WHY? we need to do it manually by selecting starting and ending bars .
I still dont understand why this is not automated in auto analysis / wand.

or i am still missing some setting ?

Please guide
Thanks
 

Essaidovski

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Hi
since I use this software , I have never seen those pattern (WXY/WXYXZ) . and I admet that it is frustrating . at first I thought it was related to the updates . NOOO . then I bought the ULTIMATE version and still nothing . this one of the weak points of this Software .
 

Essaidovski

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That's quite a compliment for the weakness of MotiveWave to not accurately pickup on an extremely rare, hardly-ever-used WXY/WXYXZ Elliott Wave pattern!
many years of using this Software and not even one pattern WXY in any chart (forex /commodity/indices/ crypto ..) :oops::unsure:
 

pnakos

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That's quite a compliment for the weakness of MotiveWave to not accurately pickup on an extremely rare, hardly-ever-used WXY/WXYXZ Elliott Wave pattern!
on an extremely rare, hardly-ever-used WXY/WXYXZ Elliott Wave pattern!
Well it is quite often in real life when manually analysing wave patterns as well as triangles. How often do you see triangles in MW ?
For me the whole core Elliott Wave Engine is MW's dangerously weakest point
More over they point abc structures as motive waves not as corrective waves and vice versa ... ie For me the below labelling is totally wrong! No alternating 2nd and 4th waves, no Fibo statistics evaluation no pattern grading or naming etc
 

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ScottyA

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Well it is quite often in real life

Really? WXYXZ is quite often? I have yet to meet any serious Elliottician that would agree triple three's are common.

How often do you see triangles in MW ?

Yes, triangles are often, just not WXY/WXYXZ, and that was the point of your first post: the extremely rare corrections.

Perhaps the Auto-Analyze recognizes how uncommon WXYXZ are, and that's why you don't see it often.

For me the whole core Elliott Wave Engine is MW's dangerously weakest point

If by "core Engine" you're referring to Auto-Analyze, yes, it could improve. But if you're including the Elliott Wave tools?

There is no software better on the market than MotiveWave for the manual Elliott Wave tools. In this, MotiveWave is second to no one.

For me the below labelling is totally wrong! No alternating 2nd and 4th waves, no Fibo statistics evaluation no pattern grading or naming etc

I can get on board with your critique of the picture you posted. No disagreement here.

-------------------------------------

I confess that I do all my EW work manually and don't use EW Auto-Analyze because of how inaccurate it is.

If you insist to use Auto-Analyze, may I kindly suggest that you use it as a starting point, and then manually update the waves where you see inaccuracies.
 

Essaidovski

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Yes exactly, if your entry trade is based only on the Auto- Analyse tool , you are going to lose your money bcs ,all the time it's not accurate. Try to correct and update the analysis.
 

pnakos

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Really? WXYXZ is quite often? I have yet to meet any serious Elliottician that would agree triple three's are common.
Oh well, I meant double three mainly. Please dont be picky! Of course triple threes are rare but do exist, but you included both, double sand triples as rare. However for double threes Prechter's team disagrees.... Or Prechter is not serious??? The guy introduced Elliott to the recent generations! Did you ever see, at least, WXY in MW ?
By the way you have already admitted that their automatic EW is wrong most of the time... so what is the point to argue for doubles and threes?

PS These charts are from their free week for EWI club members, so I do not violate i guess their subscription policy.

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ScottyA

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Of course triple threes are rare but do exist,

Exactly.

Or Prechter is not serious???

Ha ha! ;) I am indebted to him for so much of my understanding of Elliott Wave! He's 100% serious!

By the way you have already admitted that their automatic EW is wrong most of the time... so what is the point to argue for doubles and threes?

The point is this: I'm bringing to light that it is a silly argument to say that because MotiveWave Auto-Analyze doesn't produce an uncommon pattern (that does exist), that somehow that equates to the "whole core Elliott Wave Engine is MW's dangerously weakest point."

It's kind of like trashing someone's character because they bite their nails.
 

pnakos

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Well I am not judging the whole software, I use it from 2010, however I cant rely on its EW engine and I asked at least to depict the first alternative count as well but nothing has changed from day one on its EW engine.

Anyway regarding Prechter and Elliott it took me more than a decade to understand that the theory is overfitting after the fact solution, waiting for the Grand Supercycle depression that Prechter is waiting from 2000!

So I lost a life time long term opportunnity back in 2009 cause to the bearish interpetation of EW by Prechter for many years. (till to 2016 or 2017 if I rember correctly)

So I do believe that markets are not predictable solely by one or even two dimensional analysis such as Elliott waves and cycles.
Howeve it is hard for me to get rid of the Elliott perspective .. 😀
 

ScottyA

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I'm the same way that I cannot shake the Elliott Wave analysis! And I'm in the same boat in missing the 2009 low :(

For me, the missing piece to Elliott Wave theory is TIMING, and the quest to find that puzzle piece led me to Wyckoff's trading method (which uses price action plus volume to derive timing). He was a contemporary of Elliott (maybe a bit earlier), so I liked the "tried and tested" history his analysis provided.

Putting together Elliott Wave Theory and Wyckoff's Trading Method has been an incredibly powerful combination!

Consider this: with your deep knowledge of EWT, perhaps you might be able to offer helpful suggestions to the MW team to improve the Auto-Analyze tool? I encourage you to email them with suggestions.

Best to your trading!
 

angoodwi

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Loved the discussion, I for one do not use the Auto Analyze feature and have spent years learning EWT and it's my primary tool with a combo of RSI and Donchian Channel.

WXY are rare but WXYXZ are so rare it should hardley ever be considered until all other scenarios have been exhusted and for academic application on "postmortem review. It's very common for new EW practitioners to label WXY because they want to complete the count asap, instead of allowing more price data to play out allowing the most appropriate pattern interpretation.

At the end of the day, if it looks corrective, choppy and difficult to interpret at the time, chances are you're going to be getting the count wrong and no need to trade.

Most novices will get frustrated and dump EWT, especially when encountering a Triangle in wave B of a WXY within a wave C of Triangle :) :)

I agree, timing as per Jessie Livermore says, is the most important and sadly EWT doesn't do a good job on that... but when volatility compressors to the lowest level in x amount of time studied, you can be sure vol expansion will likely happen soon. Thats why a combo of EWT pattern recognition, and other tools such as Wycoff, Multiple moving averages, Donchian or BB can aide you.

The only way to consistently win, is knowing the ride side to trade, so stick the trend and keep it simple!

Just my 2 cents

A.
 

Essaidovski

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Hi
@angoodwi : you are completely right. No automatic tools are 100% effective, otherwise it would be too easy and everyone will be a winner in trading. Something that is far from reality. Everyone tried to find a way to improve this tool by combining it with other strategies, indicators, etc. according to their experience.
Personally, I believe that there is improvement to be made in this tool and in all EWT ALSO dating from a long time ago.
Some top traders have already started using the new EW as a new wave theory. by updating (this great notion of EW) to to the new reality of today's financial markets.
 

angoodwi

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I'm not in agreement with the new wave theory, that's just me and have nothing against it. R N Elliott only applied the theory to closing prices on 30min, 1 hour, daily and weekly data. His interpretations were kept very simple, over time, we have overcomplicated it with more timeframes, stricter rules and guidelines and slope analysis being ignored. At the end of the day, the overall pattern that plays out within the context of the location and the psychology of traders/investors (sentiment) at the time is key. Even if it's not text book perfect. I've missed many opportunities just because I was too strict and admit that's my fault for being an EW snob at the time :)

Keeping it simple is key!
 
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