Degree labels assist in the identification of the patterns of . These degrees are used for both motive and corrective waves (though only motive waves are labeled here). Each of the degrees have a standardized notation that indicates the degree of the wave, allowing the user to identify them more easily.
While the different degrees of waves can be applied however someone would like on a chart, the order and length of time for degrees that are most often used from largest to smallest are:
Grand supercycle: multi-century
Cycle: one to multiple years
Primary: months to years
Intermediate: weeks to months
**Times associated with degrees are approximate**
There are six more degrees that are used less often due to the extremely high and low time frames, they are: Supermillennium, Millennium , Submillenium, Micro, Submicro and Miniscule.
In order to change the degree of the , simply
- Double-click on the drawn wave, or select it and click the settings gear in the toolbar
- Go to Style
- Select desired degree from the dropdown
How often do you use in your analysis?
Technical analyst David Aronson wrote:
The Elliott Wave Principle, as popularly practiced, is not a legitimate theory, but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations. I contend this is made possible by the method's loosely defined rules and the ability to postulate a large number of nested waves of varying magnitude. This gives the Elliott analyst the same freedom and flexibility that allowed pre-Copernican astronomers to explain all observed planet movements even though their underlying theory of an Earth-centered universe was wrong.
Although this fractal property axiom within the EWP may seem confusing at the first sight, it also has its advantages, enabling the trader to spot high reward to risk trades. Glenn Neely tried to present some criteria that help distinguish between different degrees objectively. Furthermore, there are practical trading plans based on EWP, e.g. that of Robert Miner, which have an acceptable proven performance. At the end of the day, what really matters is a strategy that is working for "you".
Nice article but use better tools.
However, armed with that knowledge there are no "better tools." Everything else is spit, chicken feet and incantations.