What it draws
Marks a five-wave motive sequence in the direction of the larger trend, labelled 1 through 5. Waves 1, 3 and 5 travel with the trend while 2 and 4 are corrections, and the tool enforces the standard labelling so counts stay readable.
How to draw it
- Pick Elliott Impulse Wave (12345) from the left toolbar (Elliott Waves group).
- Six anchor points: click the origin of wave 1, then the end of each wave in order (1, 2, 3, 4, 5). The chart connects the pivots and prints the wave labels at each point.
How traders use it
- Sanity-check the count with the three hard rules: wave 2 never retraces beyond the start of wave 1, wave 3 is never the shortest of 1/3/5, and wave 4 does not overlap wave 1's price territory.
- Project wave 3 at 1.618 of wave 1 and wave 5 at equality with wave 1 as common Fibonacci targets.
- Use a completed five-wave count to anticipate a corrective phase and mark it with the correction wave tool.
- Expect alternation: if wave 2 was a sharp correction, wave 4 is more likely to be a sideways one.
Settings reference
Double-click the drawing (or use its floating toolbar → gear) to open settings:
| Setting | Control | Possible values | Default | Effect |
|---|---|---|---|---|
| Degree | select | Grand Supercycle | Supercycle | Cycle | Primary | Intermediate | Minor | Minute | Minuette | Subminuette | Intermediate | Wave degree — controls the notation convention used for the wave point labels. |
| Label Style | select | 1 2 3 4 5 (arabic) | I II III IV V (roman) | A B C D E (letters) | 1 2 3 4 5 (arabic) | Numbering/lettering style used for the wave point labels. |
| Color | color | any color (theme color picker) | #05B878 | Main stroke color of the drawing — lines, outlines and (unless overridden) labels derive from it. |
| Line Width | select | 1px | 2px | 3px | 4px | 2px | Stroke thickness of the drawing’s lines and outlines. |
| Line Style | select | Solid | Dashed | Dotted | Solid | Dash pattern used for the drawing’s lines. |
| [Tab] Text — Text | checkbox + textarea | on/off, with a multiline text box for the label content | off (on when the drawing already carries text) | Enables an attached text label on the drawing; typing in the box auto-enables it and updates the label live. |
| [Tab] Text — Text Color | color | any color | same as the drawing’s line color | Color of the attached text label. |
| [Tab] Text — Font Size | select | 8, 10, 11, 12, 14, 16, 18, 20, 24, 28, 32, 36, 48, 64, 72 | 14 | Point size of the attached label text. |
| [Tab] Text — Bold | checkbox | on/off (B toggle button) | off | Renders the label in bold. |
| [Tab] Text — Italic | checkbox | on/off (I toggle button) | off | Renders the label in italics. |
| [Tab] Text — Word Wrap | checkbox | on/off | off | Wraps long label text onto multiple lines instead of one long line. |
| [Tab] Text — Text alignment (vertical) | select | Top | Middle | Bottom | Top | Vertical placement of the label relative to the drawing. |
| [Tab] Text — Text alignment (horizontal) | select | Left | Center | Right | Center | Horizontal placement of the label relative to the drawing. |
| [Tab] Coordinates | number + datetime | one row per anchor point: price (number, step 0.05) and local date/time | the drawing’s current anchor values | Edits anchor geometry numerically — changing a point’s price or time moves the drawing live on the chart. |
| [Tab] Visibility | checkbox + number range | interval buckets: Ticks; Seconds 1–59; Minutes 1–59; Hours 1–24; Days 1–366; Weeks 1–52; Months 1–12; Ranges (each bucket has an on/off checkbox, most also a from–to range) | visible on all intervals | Per-timeframe visibility rules — untick a bucket to hide the drawing on those chart resolutions, or narrow the from–to range within a bucket. |
Editing & managing
- Move / adjust: drag the drawing or any anchor handle; magnet mode snaps points to OHLC values.
- Clone / lock / hide / delete from the floating toolbar or right-click menu.
- Templates: save the current style from the settings dialog and reapply it to new drawings.
- Every action is undoable (⌘Z / Ctrl+Z).
Watch out for
- Wave counts are notoriously subjective and are often relabelled after the fact — always define the price level at which your count is invalidated.