Identifying Elliott Waves with ELWAVE
A market pattern that almost all traders notice over time is that the price, with its movement, develops a wave-like structure.
Almost every strong movement is followed by a pullback, and after every pullback of the trend and market wave, another update of the highs and lows begins.
Naturally, this obvious pattern of price movement in any financial market simply could not go unexplored.
The pioneer who was able to structure all the observations was the famous financier Ralph Nelson Elliott, thanks to whom the world was able to learn about the wave theory and the practice of its application.
It is worth noting that the theoretical part of the wave theory is very easy to understand even for beginners, because in books the waves are drawn in the form of ideal curved lines.
But it is worth noting that progress does not stand still, and today, thanks to special programs, even a person completely unfamiliar with Elliott wave theory .
The ELWAVE program is a special application for a trader’s assistant, thanks to which a trader can receive automatic marking of Elliott waves, as well as clear trading recommendations based on it.
The ELWAVE program began development in early 1996, and its progress continues to this day, making it the most powerful application in the field of wave theory forecasting.
ELWAVE can use many sources to obtain initial data, which makes the application an indispensable assistant for both forex traders and traders trading futures, shares and other assets on the stock exchange.
Installing the ELWAVE program
Unfortunately, ELWAVE is a paid foreign product, so in order to use the full functionality of the program you will need to purchase a license or find a hacked version in the public domain.
We are not pirates, so in order to experience the functionality of the program and make a decision about the benefits of the application, we recommend downloading the trial version. From the developer's website with a thirty-day license.
ELWAVE is an independent program, so after downloading the trial version, you only need to run the installation file to install the application. The installation procedure is entirely the same as installing any program or game.
After launching the installation file, select English, the installation location on your computer and agree to the license agreement. After a minute, the program will be installed, and its icon will appear on your desktop.
After the first launch, the program will look like this:
Working with the program. Functional
After running the program for the first time, the first thing we need to do is load the chart. To do this, open the “Chart” menu item and select “New Chart” from the list of options. A sign will appear in front of you with the line “Provider” where you can indicate where the quotes come from.
The program supports more than 20 quote providers, including MT4 and even news aggregators such as Yahoo and Google. Next, select the asset you need from the list and click on the “Open” button.
Also in this window you can specify the time frame and time period of history on which you want to conduct the analysis.
In order for the program to create an analysis and mark Elliott waves automatically, you need to click on the green arrow in the toolbar.
It is worth noting that the program does both global marking, highlighting the waves in green, and micro marking.
After the analysis, all waves will appear directly on the chart, and under it you will be able to see a table, inside of which the direction of the trend will be indicated, how far the last wave has been worked out and its number, two profit targets, as well as the stop exit point.
ELWAVE also evaluates the risk of entering the market based on a specific signal, which allows the trader to choose the degree of risk that he is willing to take when choosing a forecast. Example: 
To make the forecast easier to understand, the developers have added a report function on the analysis performed. To read it, click on the yellow callout on the icon bar.
A window will appear in front of you in which you can select two options for interpreting the report, namely Trader and English.
The Trader window will indicate clear goals in mathematical form. In the English window, the program generates a report in verbal form and describes the complete algorithm of your actions. Example: 
In addition to the analysis of the Eliot wave theory, the program contains a number of other auxiliary technical analysis tools .
Thus, you can plot popular standard and non-standard indicators, Fibonacci tools, Gann tools, trend lines, vertical horizontal lines and footnotes on the chart.
In conclusion, it is worth noting that ELWAVE is a full-fledged program for conducting technical analysis, and identifying Elliott waves with its help makes the trading process a pleasure.
It is worth highlighting one small drawback - there is no support for the Russian language.
Download the ELWAVE program