Are you looking to try and catch the end of a Wave 5, ie the end of the current trend ?
If so, (as a Elliott Wave user for 27 years), can I suggest caution on trying to catch the end of an impulsive wave., as Elliott Wave 5's have a nasty habit of "over running". Only try this if you have "added" analysis, for example higher time frames support/resistance at the same time as the end of the lower time frames Wave 5.
I am not saying that catching the end of Wave 5 is impossible, I am just advising caution and suggesting the best way to do this is with the added confirmation of additional analysis.
I hope this helps ?
The following user says Thank You to Griff1 for this post:
yes I understand the concept, and am using additional criteria that has to be met. but I lose track over various instruments and charts when trading real time. I guess i just get confused easily and was looking for a indicator to help with this
in a trend you should have 5 to 7 waves in the direction of the trend and 3 wave ABC counter trend ..wave c should not go through the bottom of wave 4. waves 2 an 4 are corrective so the price action should look like chop. like trying to figure out any trend it depends on what time frame you are looking at. most wave heads use a 240 min. for the power wave and fine tune the 3min. or 5min for some kind of entry like mt predictor... they use waves on fx more than index futures. most prop wave heads work for fx shops. you need motive wave to be fast at it and to scan for patterns.