Elliott Major Retracement
Elliot Major Retracement allows the user to manually draw the 3 point retracement (corrective waves) for Major, Intermediate and Minor Degree Elliot Waves.
TradingView does offer an Elliott Wave indicator which will automatically overlay Elliot Waves and their associated points onto a chart. However, as with any indicator, coordinates may need to be adjusted. Technical analysis is obviously not an exact science. Therefore, analysts need to be able to adapt and make changes to their analysis on the fly. Some traders may decide that manually drawing Elliot Waves is the better option for their trading style.
Elliot Waves, in their most basic and straightforward form, consist of 8 points. The first 5 points are marked by numbers and create what is known as impulse waves. These are waves that move along with the trend. The last 3 points are marked with letters and create what are known as corrective waves. These are waves that retrace back against the trend.
Elliot Waves are classified by their Degrees. Degrees are determined by the duration of the trend and therefore the length of the wave pattern. In every degree category, impulse wave points are designated by numbers, while corrective wave points are designated by letters.
From largest to smallest, Degrees are typically classified and designated as:
- GrandSuper Circle - ((I)) ((II)) ((III)) ((IV)) ((V)) ((a)) ((b)) ((c))
- SuperCircle - (I) (II) (III) (IV) (V) (a) (b) (c)
- Circle - I II III IV V a b c
- Major - ((1)) ((2)) ((3)) ((4)) ((5)) ((A)) ((B)) ((C))
- Intermediate - (1) (2) (3) (4) (5) (A) (B) (C)
- Minor - 1 2 3 4 5 A B C
- Minute - ((i)) ((ii)) ((iii)) ((iv)) ((v)) ((a)) ((b)) ((c))
- Minuette - (i) (ii) (iii) (iv) (v) (a) (b) (c)
- Subminuette - i ii iii iv v a b c
HOW TO USE IN TRADINGVIEW
Change the color of the wave.
Toggle the visibility of the wave.
Toggle the visibility of the background.
Allows for the precise placement of the pattern's first point (Price 1) using a bar number and price.
Allows for the precise placement of the pattern's second point (Price 2) using a bar number and price.
Allows for the precise placement of the pattern's third point (Price 3) using a bar number and price.