Elwave Manual

DISCLAIMER
The Customer acknowledges and agrees that neither Prognosis Software

Development (Owner), nor its employees, make any representation or guarantee
regarding how this product may perform now or in the future, nor will this product
guarantee profits for the Customer. The Customer is advised to test the software
thoroughly before relying upon it. The user accepts to assume the entire risk of
using the software. In no event shall Owner be responsible for any special,
consequential, actual or other damages, regardless of type, and any loss or lost
profit resulting from the use of this software or printed material. Customer
acknowledges that success depends upon Customers ability to utilize the
information, software and techniques described in this product. Customers
payment, returning of the registration card or signature shall be evidence of
Customer's acceptance of all of the License agreement.
The software is for personal use only, therefore Customer is prohibited to distribute
analysis results of ELWAVE in any way without prior consent of Owner of the
software
REGISTRATION
Please sign and return the registration within 1 month. Upon registration you will
be entitled to updates and upgrades at an attractive discount.
If you do not register, you are not entitled to support.
COPYRIGHT
Copyright 1996-2004 Prognosis Software Development.
Jesseplaats 14
2611 GZ Delft, Netherlands
This manual is copyrighted. No part of this manual may be reproduced, stored in a
retrieval system, or transmitted in any form or by any means, electronic, mechanical,
photocopying, recording or otherwise without the prior written permission of
Prognosis Software Development.
2
Prognosis software development, Voice: +31 15 2123543, Fax +31 15 2132558,
Email: info@prognosis.nl
Every effort has been made to ensure complete and accurate information
concerning the material presented in this manual. However, Prognosis Software
Development can neither guarantee nor be held legally responsible for any mistakes
in printing or faulty instructions contained in this book.
Version 7.1-1 11082004
3
CONTENTS
Disclaimer _________________________________________ 2
Registration ________________________________________ 2
Copyright __________________________________________ 2
Contents ___________________________________________ 4
Introduction ________________________________________ 9
1. General ____________________________________________ 9
2. Installation ________________________________________ 10
3. Describing the modules in ELWAVE ___________________ 11
4. Interface __________________________________________ 12
5. Hardware requirements _____________________________ 13
Minimum requirements____________________________________ 13
Recommended___________________________________________ 14
New in version 7 and higher . _________________________ 15

Calibration______________________________________________ 15
Full support for eSignal datafeed ____________________________ 15
Expert Advisor __________________________________________ 15
Quote Monitor___________________________________________ 16
Scanning Standard and Professional __________________________ 16
MetaStock 8.0 ___________________________________________ 16
Full support for Quote.com_________________________________ 16
Templates ______________________________________________ 16
Screens ________________________________________________ 16
Wave Tree, Wave Inspector and Summary Inspector_____________ 17
Quick Symbol ___________________________________________ 17
Automatic Scenario management ____________________________ 18
Automatic Analysis on open chart ___________________________ 18
Batch Processor preserves existing Scenario settings_____________ 18
Toolbar with various buttons _______________________________ 18
Full support for TenforeQuoteSpeed realtime datafeed (optional) ___ 18
Full support for KeyWord Wall$treet (Dutch/Belgian customers only,
optional) _______________________________________________ 20
Expert Advisor __________________________________________ 20
4
Scanning Professional_____________________________________ 20
Getting Started_____________________________________ 21
1. Quick start ELWAVE _______________________________ 22
2. Additional topics ___________________________________ 33
The chart window ________________________________________
Scrolling _____________________________________________
Charting styles ________________________________________
Zooming _____________________________________________
Scaling ______________________________________________
Compression __________________________________________
Detail level ___________________________________________
Rescaling of panes added to the price chart __________________
Trend lines _____________________________________________
Special feature ________________________________________
Channels _______________________________________________
Speedlines ______________________________________________
Gann Fann______________________________________________
Spirals _________________________________________________
Trigger lines ____________________________________________
Golden ratio Time Ruler ___________________________________
Simulation ______________________________________________
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3. SCANNINGeasy and simple ________________________ 45

Scan Inspector___________________________________________ 45
Analysis Batch processor __________________________________ 47
Scanning for trading setups_________________________________ 48
Using the Menu ____________________________________ 50

1. Chart_____________________________________________ 50
New Chart ______________________________________________
New Quote window ______________________________________
Open __________________________________________________
Close __________________________________________________
Save___________________________________________________
Save as ________________________________________________
Save as template _________________________________________
Save all ________________________________________________
Export Metastock ________________________________________
Export ASCII ___________________________________________
Print___________________________________________________
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Print All________________________________________________ 65
Exit ___________________________________________________ 65
Recent Scenarios_________________________________________ 65
2. Edit ______________________________________________ 66
Degree Up ______________________________________________
Degree Down ___________________________________________
Copy Chart _____________________________________________
Delete _________________________________________________
Properties ______________________________________________
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3. View _____________________________________________ 68
Zoom In________________________________________________
Zoom Out ______________________________________________
Zoom Reset _____________________________________________
Hairline ________________________________________________
Semi-log (linear) _________________________________________
Targets ________________________________________________
Charting style ___________________________________________
Wave Tree______________________________________________
Wave Inspector __________________________________________
Summary Inspector _______________________________________
Alert Inspector __________________________________________
Scan Inspector___________________________________________
Simulation Inspector ______________________________________
Panes __________________________________________________
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4. Insert_____________________________________________ 74
New Indicator Pane_______________________________________
New Indicator in Price Chart _______________________________
Managing Indicator panes _______________________________
Fibonacci Pane __________________________________________
Volume Pane____________________________________________
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5. Analyse ___________________________________________ 80
Analyse entire chart ______________________________________
Analyse selected wave (1 level) _____________________________
Analyse selected wave (2 levels) ____________________________
Update analysis __________________________________________
Check Wave Count _______________________________________
Convert to Wave count ____________________________________
Clear Analysis___________________________________________
Start batch processor ______________________________________
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Save Custom layout ______________________________________

Custom layout ___________________________________________
Simple layout ___________________________________________
Typical layout ___________________________________________
Expert layout____________________________________________
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6. Options ___________________________________________ 84
Analysis______________________________________________
Look for complex patterns _______________________________
Extra wave degrees_____________________________________
Indicate reversal on > 50% retrace (Modern rules) ____________
Analyze last xxxx records________________________________
Show analyzing _______________________________________
Show confirmation dialog box ____________________________
Show ALERT INSPECTOR when __________________________
Check Signals _________________________________________
Automatic Analysis update_______________________________
Limit to once every __________________________________
Automatic Analysis on blank chart_________________________
Revert to old 6.2 interface _______________________________
Target Zones ____________________________________________
Wave Inspector __________________________________________
Snap wave labels to extremes _______________________________
Export Summary sgnals ___________________________________
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7. Price data _________________________________________ 91

Save price data ________________________________________
Change price data location _______________________________
Export price data location ________________________________
Truncate price data _____________________________________
Show truncated price data __________________________________
Compress price data ______________________________________
Correct bad ticks _________________________________________
Edit price data ___________________________________________
Perform stock split _______________________________________
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7. Screen ____________________________________________ 95
Open __________________________________________________
Save___________________________________________________
Save as ________________________________________________
Close __________________________________________________
Recent Screens __________________________________________
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8. Window___________________________________________ 97
9. Help______________________________________________ 97
INDEX ___________________________________________ 99
Prognosis Software Development License Agreement ____ 103
8
INTRODUCTION
1. General
ELWAVE, a Windows based software program from Prognosis
Software Development, has been specially designed for investors in
order to apply the "Elliott Wave Principle" profitably, generally
regarded as the most successful forecasting method ever discovered,
but difficult to apply because of its complexity.
In addition to its uncanny ability to forecast future events, the Elliott
Wave Principle is known for its complexity. There are numerous
rules and guidelines, which have to be applied objectively and
consistently. This requires a considerable amount of experience, time
and emotional control in order to make a high quality analysis of the
markets and to make objective and consistent analyses, which is
extremely difficult for humans to accomplish.
Not so for a computer. Once the rules have been programmed, the
computer can perform the analysis quickly, in an objective and
consistent way.
Of course, programming the experts knowledge is a very complex
task to accomplish. It has taken many years of research, designing
and programming the rules to achieve the results ELWAVE generates
today.
Particularly since a true Elliott wave model has been programmed,
which is capable of analyzing the fractal nature of the markets by
searching and approving patterns in patterns, in patterns and so on.
ELWAVE comes in different modules, so every investor may choose
to purchase the modules that fit his needs.
In its full version the software is able to automatically detect Elliott
Wave patterns in price information, thereby eliminating the need of
many hours of tedious work, as well as to provide trading information.
ELWAVE searches for the best alternatives and will show a clear
outlook, presenting the most preferred alternative first. Even more
important, it will summarize results, so the user gets a clear outlook
and the probabilities as derived from the Elliott Wave Principle.
9
Although the analysis is done automatically, ELWAVE is not

considered to be a black box! ELWAVE gives full insight in and
information about the patterns of Elliott Wave by displaying all rules
and guidelines, as well as the Fibonacci relationships. This way you
will be able to detect why a wave count has been approved or
rejected. Because of the availability of this information the software is
not only a trading tool, but also a great learning tool.
Not only will ELWAVE help you to unravel the Elliott Wave, it is also
fun to use!
Operating system:
ELWAVE is available for Windows 95/98/2000/XP and Windows NT
3.51 (or higher). The Windows 95/98/2000/XP and NT version is truly
object oriented with a 32-bit design for fast and more stable
performance.
It is highly recommended to use ELWAVE together with Windows XP
2. Installation
Installation of ELWAVE requires some simple steps and will install

itself on the fly: The software is advised to run with Windows XP, but
it is compatible with all Windows versions.
Run Microsoft Windows.
Insert the CD in the CD Rom drive, which normally is referred to as
drive D.
Choose Run and type in the command line D:setup if the installation
menu does not appear automatically. Choose to install the regular
version that requires a hardware lock.
Installation will start and guide you through automatic installation.
Windows NT users must make sure to have administrator access in
order to install all files needed.
After installation, insert the hardware lock in the printer port.
Double click the ELWAVE program button.
The program will extract and install itself from CD. Follow the
messages on your screen. The installation program will ask you to
specify a directory in which ELWAVE will install itself. Insert the next
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disk when asked for. After you have clicked the FINISH button, wait
patiently until the installation is complete.
The software may ask, when encountering previous versions, to keep
files you have used before. Please read these messages carefully.
ELWAVE will create a program window of its own. To start the
program double-click the ELWAVE program icon
3. Describing the modules in ELWAVE

The BASIC module is required for every other module of ELWAVE. It
is a standard technical analysis package that does charting,
indicators trendlines and supports all sort of other technical tools. On
top of that it gives you the possibility of manually labeling the waves
in the chart according to the Elliott Wave theory. Once the chart has
been labeled by you, you can have the software check this and it will
show misstakes if any. In addition it is an excellent edcational tool on
the Elliott Wave, showing every pattern, rule, guideline and Fibonacci
of the waves. To explore this in depth go to the chapter Manual Wave
Count.
The AUTOMATIC ANALYSIS module is the heart of the software,
analysing the chart according to Elliott wave rules and guidelines,
fully automatically. The chapter on this module will briefly describe
how our Elliott Wave model works, a short description of analysis
options, the difference between the CLASSIC and MODERN rules and how
to inspect the alternatives, ELWAVE has found. Our Automatic
analysis uses a true Elliott Wave model to detect valid patterns and
to determine the future direction of prices, thus enabling you to
forecast market issues more accurately
The TRADING SIGNALS module summarizes the outcome of the
automatic analysis in a concise way, looking for trading opportunities
and listing the outcome in a separate window called SUMMARY INSPECTOR
. The chapter on this topic explains the outcome and interpretation of
the signal indications as well as further explanation of the SUMMARY
INSPECTOR, the ALERTS INSPECTOR and the SIGNALS INSPECTOR.
The TARGET CLUSTERS module makes Fibonacci price and time
projections. Its chapter explains how to interpret time projections
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using the TIME CLUSTERS indicator or the Target zone, which can be
shown in the chart.
The SCANNING module will search through and automatically
analyse huge portfolios for opportunities according to your criteria. Its
chapter will describe how to make ELWAVE select the most
promising investments or trades all by itself, or according to criteria
you have specified yourself. Using the scanning features ELWAVE
will automatically scan, (re)analyse and present a list of stocks in a
crystal clear way, saving you a lot of time in selecting the next big
winners or loosers in the market.
The EXPERT ADVISOR gives expert advise in natural language. The
outcome of the SUMMARY INSPECTOR is reworked and presented in plain
text in a separate dialog box for ease of use.
The UDS module or Universal Data server takes care of the complex
real time datafeeds for different data providers. Again this has been
improved considerably in the latest version of ELWAVE
4. Interface
Object Oriented interface
The interface has been designed as a true Object Oriented Interface.
This way you can access every object, e.g. indicators, targets, spirals
etc., directly on the screen by clicking the RIGHT mouse button. This
is one of the points that makes ELWAVE very user friendly and
intuitive to use. In addition we have made the menu, as much as
possible, compatible with standard Windows applications.
The mouse is the most important device to the user. He can make the
program do what he wants by pointing and clicking. According to the
latest technology we have also applied "drag and drop" techniques
extensively, which makes the software very intuitive.
Grab
Grabbing objects, like trend lines and wave labels, is an important
technique to enhance ease of use. Clicking on an object with the left
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button and moving the mouse pointer while keeping the mouse button
pressed does this. The object has attached itself to the mouse
pointer, so you can reposition the object.
Drag and drop
Drag and drop is the next step after an object has been grabbed. By
this means the user directs the mouse to an object, presses the left
mouse button and while keeping the mouse button pressed down,
drags the object to its correct position. When the object is on the right
spot in the chart, the user releases the mouse button to drop the
object.
Right mouse button
According to the latest technology, the right mouse button can be
used to show the underlying properties in the program. You can click
the right mouse button anywhere on any object. If it is possible to
adjust properties of the object on which the mouse pointer has been
double clicked, a menu will appear. This works for example on trend
lines, channels, targets, wave labels and so on. Just try it!
Dockable toolbars
The toolbars (on top of the screen) which contain Wave Labels and
Chart Objects, can be docked at the top of the screen or undocked to
reposition them as you like (as a floating window).
5. Hardware requirements
Minimum requirements
Windows 95/98/2000/XP or Windows NT 3.51 or higher.

IBM compatible pentium 100 MHz.
4-8 megabytes of RAM.
30 megabytes of hard disk space.
Mouse.
Color monitor.
800 x 600 but screen resoltuion of 1024 x 768 or higher screen
resolution.
Data in eSignal, Metastock, ASCII file format or other supported
formats.
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Recommended
Pentium 1.8 gHz or faster.

64 megabytes of RAM, 32mb or more for intra day analysis.
1024 x 768 screen resolution.
500 mb of hard disk space to be used as virtual memory.
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NEW IN VERSION 7 AND HIGHER .

Calibration
The Elliott Wave analysis engine that is at the heart of ELWAVE has
always been recognized as being the best around. Now with this
release of ELWAVE comes a new analysis engine that is even better
than the previous, providing more detailed and more stringently
checked wavecounts than ever. In particular what you will notice is
that wave degrees are now calibrated to a specific percentage of
growth to correlate closely with the magnitude of wave degrees as
defined in literature. Apart from improving the analysis itself this offers
new ways to use the software, in particular when used in conjunction
with the Scan Inspector. By defining your scanning criteria for a
specific wave degree you can now focus on those trades that concur
with your investment horizon. For those customers who have
incorporated their current ELWAVE version in their trading system
setup it is still possible to switch back to the old engine to yield
analysis results identical to those found by ELWAVE 6.2.
Full support for eSignal datafeed (requires UDS ServerFeed

module)
Our UDS ServerFeed module now offers seamless support for the
eSignal TurboFeed datafeed. If you already have an eSignal account,
please contact us to have the UDS ServerFeed module enabled. If
you do not already have an eSignal account please visit
http://www.prognosis.nl/esignal for options
Expert Advisor (optional module)

The new Expert Advisor is one of the highlights in version 7.1. By
reporting a clear outcome and explanation of the analysis results in
plain English it greatly simplifies using the software. The Expert
Advisor can be started by clicking the yellow balloon icon. These is a
choice of commentary (English in the pre-release CD-ROM) or a
specific Trading setting that can spot trading opportunities.
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Quote Monitor
ELWAVE 7.1 features an integrated Quote Monitor. At present this
works only with eSignal and FXtrek data feeds. Support for other real
time feeds will be added later.
Scanning Standard and Professional

The Scanning Standard module now offers all the functionality
previously offered by the Scanning Professional module. This means
that you have more criteria to scan on. If your license includes the
Intraday module you can also scan Intraday data files.
MetaStock 8.0
Support for the MetaStock file format has been updated to include full
support for version 8.0 data files
Full support for Quote.com datafeed

Our UDS ServerFeed module now also supports Quote.com
(QCharts) From Lycos Finance. Please contact us for information on
how to enable the UDS ServerFeed module.
Templates
Templates are also new in version 7.1 and allow you to specify any
set of indicators and indicator panes and charting style to be applied
to any newly loaded chart. The Batch Processor, which can be used
to analyze a long list of charts overnight also respects any indicators
present in the chart and leaves these untouched. If you reload a
saved .elw scenario file chart it will not be affected by the currently
selected template.
Screens
Screens can now contain unsaved charts and also the new Quote
Monitor windows. Please note that if you do save charts as .elw
scenarios or if you have the automatic scenario management
enabled, screens will refer to the saved scenario files. This means
that these charts will load exactly the way you left them and are not
affected by the currently selected template.
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Wave Tree, Wave Inspector and Summary Inspector

The Wave Tree, Wave Inspector and Summary Inspector windows
are now docked instead of floating, making it easier to arange chart
windows, quote monitor windows for example using the Tile
Horizontally and Tile Vertically functions.
Quick Symbol Entry Toolbar

Instead of using Scenario|New|From you can now use the QUICK
SYMBOL ENTRY Toolbar to quickly open any chart without using the
mouse! Just start typing the symbol , you could but do not need to
click in the Symbol Entry toolbar first because it will automatically take
the focus. Next press enter to load the chart.
The software will use the settings of the last time you have retrieved a
chart. So if the last retrieved chart is an eSIgnal 1 minute chart,
ELWAVE will do the same for the symbol entered. Additionally the
software supports several toggles. For example typing IBM, b will
retrieve a blank chart of IBM. Typing quick symbol: IBM,5,b loads a
blank 5 minute chart. Typing: IBM,d loads daily and w weekly. You
can use 1,5,10,15,30,H,D,W,M as time frames. Caps are not
necessary.
For UDS based dataformats the symbol entry is exactly that, so you
will need to enter the exact and complete symbol in order for this to
work. For some other formats, including MetaStock and KeyWord
WallStreet this entry field works as a search field: if you type
something for which there is more than one match a list will be shown
from which to select.
Please note that if the software finds scenario files with the same
name as you typed, these will be listed in the toolbar. Click with the
left mouse button or up/down arrow on your keyboard to select your
choice.
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Automatic Scenario management

The first time you load a new chart in ELWAVE 7.0 you will be asked
if you want ELWAVE to automatically generate and maintain an .elw
scenario file for your chart. If you choose yes, a scenario file is
generated automatically to store your analysis results, trendlines and
other settings. This scenario file is also reloaded if you enter the
corresponding symbol in the Quick Symbol Entry toolbar. When
combined with a properly configured datafeed this allows you to
completely forget where your files are stored: just enter the
appropriate symbol and you will get back the chart as you last saw it.
You will also no longer be asked if you want to save changes when
closing a scenario as this is now down automatically.
Automatic Analysis on open chart

The second question that ELWAVE 7.0 will ask you if you open a new
chart for the first time is if you want an automatic Elliott Wave analysis
to be performed (requires Automatic module). By selecting yes and
checking the Remember choice ELWAVE will perform an analysis
any time you open a new chart.
Batch Processor preserves existing Scenario settings

The Batch Processor has been adapted to work together with the new
Automatic Scenario Management feature of ELWAVE 7.0. Instead of
overwriting the scenario created by ELWAVE the Batch Processor will
now load the existing scenario, without the previous analysis (to save
time) but with any indicators you may have added to the scenario.
Toolbar with various buttons

A toolbar has been added to provide direct access to some often
used functions: Save, Analyse, Print, Target Zones, Scan Inspector.
Let us know which functions you would like to see added to this list.
Full support for TenforeQuoteSpeed realtime datafeed

(optional)
This release of ELWAVE features support for QuoteSpeed realtime
and historical data from Tenfore, provided the Intraday module is
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enabled in your copy of ELWAVE and you have a subscription to

Tenfore QuoteSpeed.
To use this new feature, select Scenario|New|From UDS in
ELWAVE and select TENFORE as shown below:
You can set the start date, end date and the resolution for the data to
import. To enter a symbol directly, double-click Manual, type the
symbol and click OK to obtain a list of all matching symbols. Symbols
are case-sensitive! To get a chart from Intel Corporation for
example, enter INTC, not intc. Select the symbol you want and click
OK to load the chart. Alternatively, you can double-click entries A to Z
to obtain a list of all items that start with that letter.
Notes:
There is a limit to the number of days of historical data available from
Tenfore
To get more history, choose 5 minute, 10 minute etc.
Tenfore support is available as a separate optional module. For
information on pricing please check our web site.
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Full support for KeyWord Wall$treet (Dutch/Belgian

customers only, optional)
Just like eSignal now ELWAVE features a fully integrated, seamless
solution for Wall Street, in order to retrieve historic data and to keep
the chart updated in real time. The previously used manual DDE
solution is still available, even without the UDS module, but it lacks
ease of use and is more tedious to maintain.
ELWAVE now distinguishes between Wall$treet Daily and Intraday
scenario files
Expert Advisor
In version 7.1 we have released the expert module, which explains
the current analysis in plain natural language.
Scanning Professional
In version 7.1 we have included the Scanning Professional module
with the Scanning standard. Herewith you can define very complex
criteria for the Scanning to find those stocks according to your Elliott
rules.
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GETTING STARTED
Attention:
You will need the
special
Automatic
analysis module
to automatically
analyse price
data according to
the Elliott Wave
Principle. In
addition, you will
need the
Trading
signals module
to generate
trading
indications
automatically.
In order to use
the scanning you
will need the
Basic, Automatic
and Trading
Signals modules.
In this chapter we will introduce you to our Elliott Wave software. We

will show you how to use ELWAVE without the necessity of being an
Elliott Wave expert.
Now Elliott Wave analysis and trading is just a few mouse clicks
away.
As a beginner or when only using the automatic features of ELWAVE
you normally will not need the to study the advanced topics in the
separate booklets. ELWAVE does the job automatically for you.
Should you become interested in how ELWAVE does it and how the
Elliott Wave theory works, then you can be assured to know that the
software contains expert information as well.
For experts we have a separate booklet named Advanced Topics
that explains the possibilities and advanced features in more detail.
The chapter MANUAL WAVE COUNT explains how to make an
Elliott Wave count yourself instead of have ELWAVE do it for you. Of
course you have to be an expert to make a high quality count
yourself, but fortunately ELWAVE is able to check the count, even if
you have the Basic module only. In addition in this chapter you will
find more information about the WAVE INSPECTOR and the WAVE TREE.
After you have followed the steps listed below, you should be able to
use ELWAVE competently. We have assumed that you are familiar
with the Windows environment, the way the menu works and so on. If
not, you should study your Windows manuals.
If you are looking for an explanation on specific topics, check out
the chapter TECHNICAL TOOLS-EXTRA INFORMATION. Here
you will find more information on the loading and saving of data and
scenario files, the price chart window, trend lines, channels, time ratio
ruler and real-time data feed. For your convenience we have also
added a chapter, that describes the menu options one by one, called
USING THE MENU.
Naturally we have included a separate booklet on the basics of THE
ELLIOTT WAVE PRINCIPLE and a detailed description of the Elliott
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Wave patterns. It is not necessary to read every chapter in order to

use and apply ELWAVE, nevertheless it is recommended for the
curious minds amongst you.
This separate booklet includes the use of INDICATORS and how to
combine it with Elliott Wave. Not all the indicators have been
explained, because many books on interpretation and use of these
indicators are available. We recommend obtaining additional
information on indicators from other sources as well.
In this section you will learn the essentials in order to commence
using the program right away, assuming you have purchased the full
End of Day or Intra day version. If you have the Basic version only,
please refer to chapter Manual Wave count.
1. Quick start ELWAVE

Once you have started ELWAVE by selecting Programs from the
main menu of Windows and next select ELWAVE from the program
list, or click the ELWAVE program button
ELWAVE 7.1.lnk
on your desktop, the following, empty screen will appear:
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Choose from the Chart menu in the left top cornerthe menu item New
chart and select the PROVIDER in the left top of the dialog box, that will
appear as shown below.
Now you can connect to your favorite data provider, like eSignal, to
retrieve intraday data and let ELWAVE automatically update prices
and analysis in real time. Or just load data files, like for example
Metastock or ASCII files. More explanation can be found in the next
chapter.
Let us take eSignal as an example to load a chart. We will load the
chart for the Dow Jones of which the eSignal symbol is $indu.
Loading other financial items ofcourse requires to input the exact
symbol for that item.
In the dialog box below we are requesting a 5 minute chart from
eSignal:
23
Now press the OPEN button in the dialog box to load the chart. On the
right top corner of the dialog box you can set the first and last date of
the price data to retrieve. Normally you would like to retrieve as many
data as available until the current moment. Therefore set the first date
at a very early date and check the box before TODAY to make sure you
will always retrieve price data up to the last moment.
Next the chart will appear in the format as set by the template
selected before loading the data, see the dropdown box in the screen
shot below. Please note that by default ELWAVE will us its
automatic compression, to make sure that all data will fit in the
chart window. If you prefer a preset daily, 5 min. or other
compressions, click with the right mouse button on empty chart
space, next to where the chart bars are displayed and select
compression from the menu that appears.
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After the chart has been loaded, choose Analyse entire chart from
the Analyse menu or press the ANALYSE button at the top (next to the
printer button)
Now ELWAVE will analyse the financial item of which the chart has
been loaded and selected. Please note that if you have loaded
multiple charts, the selected window chart, to be changed by clicking
on the window with the mouse, will get analysed if you press the
button mentioned above. Depending on the speed of the computer,
the amount of data loaded and the complexity of the analysis,
ELWAVE will need from a couple of seconds to 1 minute or more to
finish the analysis. Once finished the following screen will come up by
default, also referred to as the simple layout. In the example below
data of the Dow Jones has been analysed.
25
Press the TARGET ZONE button on the top of the chart window,
to draw the TARGET ZONE and expected market PATH.

Now the chart will look as in the following picture wherein support and
resistance areas, based on Fibonacci price and time relationships,
have been added in a red color, while the market path is yellow.
26
From the chart you will notice that shorter term on Intermediate and
Minor degrees, as shown in the SUMMARY INSPECTOR , the trend is up.
The one higher wave degree, Primary, is still undecided for which
reason it shows higher as well as lower targets in the chart. The
Target Zones clearly show first an utrend and later again a risk of a
downtrend.
To make it even easier for you we have added a new, separate
module called the Expert Advisor. Press the EXPLAIN button in the
toolbar to show what the Expert Advisor has to say
This gives the following result:
27
The Expert Advisor works rather simple. By pressing the drop down in
the Expert advisor dialog box, you can choose between ENGLISH and
TRADING. Choosing English will explain the current status of the stock
under investigation. In fact it is combines an explanation of the
Summary Inspector with additional information as for example what to
look for when searching for trading opportunities. Choosing Trading in
the drop down box will show you only if triggered- trading advise.
Several trading setups have been defined. If a trading setup is
detected or triggered in ELWAVE, the Expert Advisor will show very
specific information, otherwise it will be empty. See the example
bellow.
28
Selecting English in the drop down button will show the following:
ELWAVE will present all information, after completion of the analysis

in the chart, in the Expert Advisor and in its SUMMARY INSPECTOR.
29
In the chart the software will show the Preferred wave count (other
counts are in the background, but normally you will not need this),
Targets of the SUMMARY INSPECTOR (Diamonds) and of the wave count
displayed (vertical bars with intersections), Exits of the SUMMARY
INSPECTOR (Triangle).
At the bottom of the screen ELWAVE will show the most important
piece of information in a separate window called SUMMARY INSPECTOR,
which will summarize all validated Elliott alternatives into a clear
outlook. Now take a look at the SUMMARY INSPECTOR to spot trading
opportunities in the EASI indicator column. The more positive
indications are shown, the stronger the uptrend and vice versa. From
large to small this window will list information on multiple time frames,
which are called wave degrees in Elliott Wave terms. The more
timeframes or wave degrees (the first column in the SUMMARY INSPECTOR)
agree upon a positive or negative outcome, the higher the probability
of the next price move.See the next screen shots of ELWAVE as a
first example. First a very positive outlook for the Dow in 1993, see
the Summary Inspector.
We all know what happened thereafter.
30
A Negative example is shown below. All trends are down and 2

negative readings in EASI are there, forecasting lower targets to
reach.
In the screen shot on the next page we have explained the most
common and most important features of ELWAVE.
Please note that clicking on chart area or indicators with the right
mouse button will allow you to change its properties, while clicking on
it with the left mouse button will select it for deletion or dragging.
Selecting a button, for example the trendline button, with the left
mouse button, keeping the mouse button pressed and simultaneously
dragging it and next dropping it in the chart, will add objects to the
chart.
31
It is that simple!
Please note that you can easily adjust the layout of the information
presented. By default ELWAVE will show analysis results in the
Simple Layout format, which is advised for non-expert users. Under
the Analysis menu you will find several standard layouts as well as a
custom layout, which you can define and save yourself, to meet your
preference.
32
2. Additional topics
The chart window
Scrolling
Tip: You can

change the
properties of all
objects in the
price chart and
the indicator
pane by clicking
with your left
mouse button on
these objects.
Alternatively you
can double click
with the left
mouse button to
change its
properties. Notice
that the mouse
pointer will
change when
moving over an
object.
This function will allow you to easily find that section of the
chart that is of special interest to you. To scroll the chart press
the scroll bar positioned at the lower left corner of the chart
window. To scroll left press the left arrow or left of the scroll
button and vice versa to scroll right. If you scroll the chart far
enough to the right, empty space will appear where the price
data stops.
Charting styles
To change the charting style, choose from the menu on top of
the screen the option View, next select the menu item
Charting styles
If you select this menu item a dialog box will appear, where
you can select one of the following styles:
OHLC Bar
This chart displays the price chart as bars, including the
open high and low closing prices. Using this chart you will
see three times less detail in your price chart.
HL Bar
This charts displays the price chart as bars without Open
and Close. Using this chart you can display the maximum
number of bars.
Line
This chart displays a line graph by connecting the closing
prices.
Candlestick
The price chart will be displayed as a so-called
Candlestick chart.
Elliott OHLC Line
This charting style has been specially designed for the
Elliott Wave. Each time interval in the price chart will
display the Open, High, Low and Close in the order they
33
occurred, provided this information is available which is

not the case in normal End-of-Day charts.
Elliott HL Line
This charting style has been specially designed for the
Elliott Wave. Each time interval in the price chart will
display the High and Low in the order they occurred,
provided the information is available.
Alternatively you can position the mouse pointer above empty

space on the price chart and double click the left mouse
button. A dialog box will appear in which you can change the
charting style by selecting the charting style of your choice
from the drop down box.
We will explain the dialog box below:
Graph type
As explained above under charting styles.

Component
Select if you would like to change the setting of for example

the High-Low bar, the Open and so on. You can change pixel
size or color settings.
Color
Change the color of the Bar, line, Candlestick etc.

Size
Change the size (in pixels) of a Bar, Line, Candlestick etc.
34
Zooming
NOTE: the
program will
remember the
steps you have
made while
zooming in.
NOTE: the zoom
selection will
only apply to the
time period (Xaxis) not the price
scaling (Y-axis),
which will scale
automatically!
The zooming function allows you to take a detailed look at a

specific section of the chart. First click the right mouse
button in empty chart space and select Zoom in from
the menu. Alternatively you can select Zoom in from
the View menu. The cursor will change to a
magnifying glass. Click the mouse at the beginning of
your selection and drag the mouse to the end of your
selection to select the area you would like to see in
detail. Release the mouse and you will now see in
detail the selection you have made. By choosing the
menu item Zoom out, you will return to your previous
chart view. The Zoom Reset option will reset all the
zooming steps you made, and show the entire chart
plus an empty space to the right.
Scaling
The scaling of the Price (Y-axis) will be done automatically by
the program in such a way so that the high and low of the
chart will always be visible.
The Y-axis can be adjusted by clicking the left margin. In the
margin you see two kind of buttons, which can be dragged or
clicked. If you click the button on top, you can adjust the
margin at the top of the chart. By clicking the button at the
bottom you can adjust the margin below the low of the chart
data.
For example one can increase the available space above the
high of the chart, to reveal all wave labels, by dragging the
border of the button down or click just under the button in the
margin. Clicking just under the button will increase the area
above the high.
To increase the margin under the low of the chart, in order to
reveal all wave labels, drag the border of the button up or click
just above the button in the margin. Clicking above the button
will decrease the area under the low. Please see the following:
35
Click here to decrease top

margin of price scaling
Drag border to
readjust the margin
Click here to increase

top margin of price
scaling
Click here to
increase bottom
margin of price
scaling
Click here to
decrease bottom
margin of price
li
Compression
Using this option, you can compress the time period from
minute, daily to weekly to fit a longer time period in
your chart view or input a user-defined compression as
you like. Normally you wont need this option because
ELWAVE will compress automatically, if automatic
compression is on. This is very convenient, the only
drawback is that gaps like those in daily graphs dont
appear.
To compress time periods (X-axis), press the right
mouse button and select Compression from the
menu. Then select the compression of your choice. Resetting
the compression will still show the last price data of the chart.
The software will make calculations to fit as many data points
in the chart window as possible.
36
Detail level
Detail level is linked to wave degrees. You can determine up
to which wave degree you would like to show the wave labels
and attached objects. Click the scroll bar at the right
underneath the chart to adjust detail.
Rescaling of panes added to the price chart
The size of the panes for indicators, Fibonacci and volume
can be changed by grabbing the borderline between the pane
and the price chart and dragging it to a new position.
Trend lines
Conventional technical analysts connect lows or highs when
drawing trend lines, while Elliotticians connect the points
where waves begin or end, which could make an important
difference. In ELWAVE both methodologies are supported.
A trend line can be inserted anywhere in the price chart, even
in the indicator window, which we will explain later. In this
program a trend line is an object, like all the objects in the
objects window or box.
To place a trend line, grab (like always; click on the trend line
with the left mouse button, while keeping the mouse button
pressed) the single trend line from the CHART OBJECTS box, drag
the trend line to the place where it should be inserted and
drop it (by releasing the mouse button). Then click precisely
on the trend line, this way it is selected and you can adjust it.
After selecting the trend line, two handles will appear (small
square boxes). To resize or move the trend line, grab a handle
and drag it to the right position. If you drag it on a wave
marker the trend line will attach itself to this wave marker. This
means it will be repositioned when you grab and drag the
37
wave label later on. Repeat this for the second handle of the
trend line.
To change the properties of the trend line, position your
mouse pointer exactly on the trend line, press the right mouse
button and choose properties.
Alternatively you can easily change the properties of any
object by double clicking it with your left mouse button.
Special feature
Watch what happens when you drop the trend line on a
manually placed wave label! (This does not work on automatic
wave counts, so first choose Convert to wave count from the
Analyse menu) It will automatically connect with the previous
wave label. For example dropping the trend line on wave 4 will
automatically draw a line from wave 2 to wave 4 (with an
automatic extension). Dropping it on wave B will connect the
line with the previous wave 5.
Practice this option now, by dropping trend lines on any
labels.
Channels
Channeling is an important technique used by Elliott Wave
analysts in order to see realistic price targets, and therefore
this is thoroughly supported in this program. Channels can be
inserted manually or the software can insert them
automatically after automatic analysis of a chart. The latter
channels can not be selected.
The following describes how to insert channels manually in

the chart. Like trend lines, a channel is an object. Channels
can be dropped anywhere in the chart. Then select the
channel by clicking on it and adjust its position by grabbing
the handles.
38
A more convenient way to use channels is to label the chart

first and then grab the channel icon from the objects box, drag
it to the wave label which you would like to channel and drop it
on this wave label. Notice that dropping the channel on wave
label (II) will connect this wave label with the origin of wave (I)
and draw a parallel line from wave (I). Dropping the channel
object on wave label (III) will connect waves (I) and (III) and
draw a parallel line from wave (II). Logically dropping it on
wave (IV) will connect waves (II) and (IV) and draw a parallel
from wave (III). This also works in corrective waves, where
you can drop the channel on wave label (B). Dont hesitate to
try this now! Of course, you are not obliged to drop the
channel on a wave label. You can drop a channel anywhere
you like. To resize or reposition the channel click on one of
the trend lines of the channel and three handles will appear.
The handles work in the same way as those of the trend lines
mentioned in the above section. The only difference is that the
parallel line will move a long with the base line. The handle on
the parallel line can be used for repositioning the parallel line.
Naturally this line will always keep its parallel position.
To change the properties of the Channel position your mouse
pointer exactly on the Channel, press the right mouse button
and choose properties.
Alternatively you can easily change the properties of any
object by double clicking on it with your left mouse button.
Speedlines
Grab from the chart object toolbar the Speedlines button and
drop it in the chart or on a manual wave label. Click on the
upper speedline to adjust the drawing of the speedlines,
handles will appear which can be used to readjust the
speedlines.
39
With respect to uptrends, connect the beginning of the

speedline or the first handle to the low and the second handle
to the first important high.
The market should find support at the 2/3 speed resistance
line. If this breaks, most probably the lower degree pattern has
been completed and a wave of higher degree is in progress.
If the market breaks below the 1/3 line it is highly probable
that a new low is just around the corner.
Theoretically all speedlines should project important support
and resistance points.
Gann Fann
Use these tools to detect simetry in the markets. Place it on a
top or a bottom where historic prices touch the trendlines at
the left, even if you have to place the origin of the Gann Fann
above the top or below the bottom in the price chart.
Spirals
Logarithmic Spirals can be placed anywhere in the chart
through "drag and drop". You can find the Chart object box on
top in which you will find the Spiral button. Move the mouse
pointer to the window, click the left mouse button on the Spiral
in the CHART OBJECT box, keep the mouse button pressed, and
drag the Spiral to its correct position. Release the mouse
button and the Spiral will position itself on the spot you have
indicated. Notice that spirals can be attached to wave labels
as well.
40
These spirals use the golden ratio of 1.618 and turn left.
Spirals not only show a price target, but also a time target.
However, it is of paramount importance to adjust the scaling of
Y- and X-axis correctly, which needs a lot of experimenting.
To change the properties of the Spiral, position your mouse
pointer exactly on the Spiral, press the right mouse button and
choose properties.
Alternatively you can more easily change the properties of any
Trigger lines
Trigger lines can be placed anywhere in the chart with "drag
and drop". You can find the Chart object box on top in which
you will find the Trigger line button.
Move the mouse pointer to the window, click the left mouse
button on the Trigger line in the Chart object box, keep the
mouse button pressed, and drag the Trigger line to its correct
position. Release the mouse button and the Trigger line will
position itself on the spot you have indicated. Notice that
Trigger lines can be attached to wave labels as well.
If a real-time feed has been activated, in the Intra day version
running under Windows 95/98/2000 or NT, Trigger lines will
generate a sound the moment the price action penetrates the
trigger line up or down. Copy a sound file with the
extension .WAV file to the root of drive c:\ before you
start the program to enable this. These Trigger lines can be
inserted at specific places in the pattern to generate warnings
of possible Buy or Sell signals.
To change the properties of the Trigger line, position your
mouse pointer exactly on the Trigger line, press the right
mouse button and choose properties.
41
Golden ratio Time Ruler

The TIME RULER can be placed anywhere in the chart with "drag
and drop". You can find the CHART OBJECT box on top in which
you will find the TIME RULER button.
Tip: Dragging
one of the
controls of the
TIME RULER and
pressing SHIFT
when releasing it
near a top or low,
will force the
TIME RULER to
connect exactly to
that high or low!
Move the mouse pointer to the window, click the left

mouse button on the TIME RULER in the Chart object box,
keep the mouse button pressed down, and drag the
TIME RULER to its correct position. Release the mouse
button and the TIME RULER will position itself on the spot
you have indicated. Notice that TIME RULERs can be
attached to wave labels as well.
If you click on the horizontal line of this time object
exactly, you will select the object. Two controls will
appear, which you can grab and drag to reposition the
object as well as to drop it on a wave label. If the object
is selected press DELETE to erase the object.
The TIME RULER object displays the Golden ratio and facilitates
finding such time relationships.
You could for example use the time object to find a date for a
new future low by connecting lows. The same goes for major
highs, but of course then you have to connect major highs or
try to find clusters by connecting all major reversals.
If you put the origin of the line at the first major low and
the1.00 point at the second low, you will have a forecast for
the following major low at point 1.62 (which is 38.2% of the
length of the beginning of the line to point 1.00) and at point
2.62 (which is 61.8% of the afore mentioned length). If you
experiment with this tool, you may find interesting Fibonacci
time clusters that forecast future price action.
To change the properties of the TIME RULER, position your
mouse pointer exactly on the TIME RULER, press the right mouse
button and choose properties.
42

Simulation
Strong educational features of the program are the powerful
simulation features.
You can access these features either by selecting Simulation
inspector from the View Menu or by choosing Truncate
Price data from the Price data menu.
The SIMULATION INSPECTOR looks as follows:
It works rather straightforward; first determine with the hairline

in the chart where to start the simulation, then invoke the
Simulation Inspector and press the START NEW SIMULATION button.
Input the record number and the future data will be eliminated.
Now press the + button to add data to the chart and press BUY
or SELL when your trading strategy, in conjunction with the
outcome of ELWAVE or not, calls for action.
This way you can really learn how the Elliott Wave program
works and determine your most preferred trading or
investment strategy.
Truncate the price data wherever to investigate what the
analysis looks like, if future data were unknown to ELWAVE.
Alternatively you can choose the TRUNCATE PRICE DATA option,
move the mouse pointer over the chart area where you would
like to truncate the chart and watch the right end part of the
43
status bar for the index number, which has to be inserted in

the TRUNCATE dialog box. Next have ELWAVE analyse the chart
automatically by choosing from Analyse menu the option
Analyse entire chart and use CTRL-1 to CTRL-9 keys to add
data bit by bit. (Please note that Numlock must be on). CTRL-1
will add one data point or bar, CTRL-2 will add 2 data points,
CTRL-3 will add 4 data points and in the same way a higher
number will double the number of data points added at once.
When new data is added the software will check if critical price
levels have been penetrated. If so, it will update the analysis
and refresh information in the SUMMARY INSPECTOR and show the
ALERT INSPECTOR, which show rules that have been triggered.
44
3. SCANNINGeasy and simple

Now, if you have purchased the scanning module, it is even simpler
to operate ELWAVE. This module puts an awesome power in your
hands when searching for trading opportunities according to your own
criteria. One of its most popular uses is to let the Scan Inspector
analyze a large portfolio of stocks every day or night, working while
you are asleep, fully automatically. The next step and only step for
you would be to scan the already analyzed charts for your trading
criteria, which will take just a minute. Looking for charts with only
positive or negative readings? ELWAVE will list them for you!
Scan Inspector
Choose View from the main menu and select Scan Inspector. The
Dialog box of the SCAN INSPECTOR will appear immediately as shown
below.
Alternatively you can use CTRL-S as a shortcut or press the SCAN

button (encircled above).
INSPECTOR
45
If you are using the SCAN INSPECTOR for the first time, You will need to
define your list of stocks, while conditions sets already have been
predefined.
To define a scan list press the EDIT button in the top left corner next to
the SCAN LIST drop down box, which displays US stocks in the above
screen shot. The following dialog box will appear:
Press the NEW button to make a new list or REMOVE to delete one.
Press the ADD button to add items to a newly made or already existing
list. Selecting an item in the list and pressing the REMOVE button (under
the ADD button) deletes the item.
If you press the ADD button the following SELECT SYMBOL dialog box will
appear:
46
This is exactly the same dialog box as when selecting New chart
from the main menu. In this example the eSignal dialog box is shown.
However, selecting another datavendor or data format in the top left
corner of the next to PROVIDER- will show a different interface. This
means you can add items from different sources or data vendors to
your list.
Now insert a symbol in the SELECT SYMBOL dialog box, specify period
and timeframe, and click OPEN. Repeat this for every item you would
like to add.
Analysis Batch processor

Select from the SCAN LIST which list of items to scan for by pressing on
the drop down button of the SCAN LIST in the left upper section of the
SCAN INSPECTOR dialog box
First you need to analyse the items in your scan list or to update the
analysis with the latest price information. Press the ANALYSE button in
the dialog box to do so.
47
On the next page you will find the dialog box that will pop up. It is
recommended to use the default settings as shown in the dialog box,
apart from the printer setting, which optionally makes ELWAVE print
every chart automatically.
Pres the START button in the dialog box to start analysis.

Once the analysis is completed, which may take a while, go back to
the previous dialog box by pressing the CLOSE button.
Scanning for trading setups

Press the drop down button of the CONDITIONS in the right upper section
of the SCAN INSPECTOR dialog box to select the criteria or conditions set.
48
Please note that you can make as many scan lists and conditions
sets as you like. For your convenience we have already predefined
the most important conditions to scan for.
Choose for example the already defined 3 positive any wave
degree list to select stocks that have a high probability of a strong
uptrend, or choose 3 negative any wave degree to find stocks that
have a good chance of being in a downtrend.
Press the SCAN NOW! button to start scanning your list for the criteria
selected.
The results will be presented in the window in the dialog box. Click on
the ACCEPTED tab to see the items that comply with the conditions. Click
on the REJECTED tab to see items that were dismissed.
Press the SHOW DETAILS button to show the SUMMARY INSPECTOR of your
selected item in the ACCEPTED or REJECTED tab
Additionally you can sort the outcome on several columns as visible
on top of the results window. By default the list is sorted on Name
You can also ask the Expert Advisor for its opinion on each stock by
first selecting te stock in the ACCEPTED or REJECTED Tab and next
pressing the EXPLAIN button in the SCAN INSPECTOR Dialog box.
49
USING THE MENU

Next we will explain how the menus work and what the
commands do. The menu works in the same way as in most
Windows programs. If you are a novice to Windows, consult
your Windows manuals.
First time you chart ELWAVE, it will show an abreviated main
menu on top of the screen. Once a chart has been loaded the
full menu will appear. From ELWAVE 7 versions the Scenario
menu item has been renamed to Chart.
1. Chart
The Chart menu is used to create a new Chart window in
which first to load your price data and next to analyse the
chart according to the Elliott Wave Theory. Furthermore you
should use the Chart menu to save and load scenario files,
which contain your manual wave count or your automatic
analysis. A scenario file will not only remember the wave
count, trend lines, channels etc., but also the indicators and
panes as well as the layout of your scenario file.
In accordance with Windows standards you can also find the
Print menu items under the Chart menu, as pictured below.
50
To access the Chart menu click on Chart with your mouse

and choose the correct menu item.
New Chart
Select the Chart menu and choose New Chart and next
select your data provider from the list in the drop down box at
the left top of the SELECT SYMBOL dialog box. The supported data
formats are ASCII, CSI, eSignal, Metastock, FutureSource,
Fxtrek, Keyword Wallstreet, Market Maker, Taipan, Tenfore,
Quote.com, Omega Global server, TC2000, TechTools, Ticks
RUS and more coming. Depending on the provider, the dialog
box for retrieving price data will be different, since every data
provider uses its own format.
Now, in the latest version, ELWAVE supports a seamlessly
integrated support for retrieval of real time data. This means a
zero maintenance solution; just type the symbol in the Symbol
field on top at the left of the ELWAVE screen or retrieve the
price data via the Select Symbol dialog box as shown below.
As soon as the price data is loaded, ELWAVE will retrieve
every new tick or changes in price data of the symbol and
51
update the chart automatically. This is supported for eSignal,

Tenfore, Quote.com and Keyword Wall $treet.
eSignal
To begin with the eSignal dialog box; once you have selected
the data provider, type the Symbol in the SYMBOL field, set the
begin date and end date in the DATE field, choose the
RESOLUTION or time frame (Daily, 1 min, 5 min etc) and select
the OPEN button to import new data. Please note that checking
the TODAY box will allways load price data up to the last
moment.
Otherwise real time data can be retrieved by using the DDE
server. Then you first have to load the price chart, for example
ASCII data and then connect with the DDE server. To do so,
choose Chart from the main menu, next New Chart and then
choose in the PROVIDER field DDE SERVER.
52
DDE SERVER
Skip this section if you have eSignal or one of the other data
feeds that support real time automatically.
. It is imperative that your data vendor supports a so-called
DDE link.
If you can establish DDE links in, for example an Excel
spreadsheet, you can do the same using ELWAVE.
See also the special topic Real-time data feed in the
advanced booklet.
This has replaced From realtime datafeed (intra day version
only) to collect real-time data from scratch. Wait until the chart
appears, which will happen as soon as sufficient ticks have
been collected. To fill out the START REALTIME DATAFEED dialog box,
see advanced topics or our website www.prognosis.nl for an
example. You need exact specifications from your data vendor
to fill out the DDE SERVER field and the TICKER(Topic) field.
53
Of course an automatic analysis will only be realistic if enough

data points are available, so you will have to wait for 500 data
points or 2 days, before choosing automatic analysis.
After choosing this command and completing the real-time
feed dialog box, ELWAVE will show a new chart window
saying waiting for sufficient data to display chart
DO NOT change, save or do anything before the chart
data appears in the chart window.
54
ASCII
Cruise to the directory where your files are located. Select the
file in the pane at the right and click OPEN. If no file names
appear in the list box, you will have to navigate to the directory
where you keep your files by clicking on the drop down box
next to LOOK IN, click on the drive or directory to list its contents.
Please note that only the Intra day version supports intra day
files. Selecting the drop down arrow next to the FILES OF TYPE
field allows you to change again to another data format or
data vendor.
On choosing ASCII files a dialog box will appear, where you
can click the file in the section at the right to select which file
to load.
Load the ASCII file of your choice. Files with extensions like
*.prn will be displayed automatically, otherwise fill in the
correct file name to open the file. After pressing the OPEN
button a second dialog box will appear.
55
Specify the
correct date
format!!
DATE FORMAT
Here you can define the format of your ASCII file in order to
load it correctly.
Specify the correct items and the correct date format for
each column by clicking on the down arrows in the combo
boxes and select the correct option. Please note that the
format DD/MM/YYYY is equal to DD-MM-YYYY as listed in the
predefined formats in the dialog box.
COMMA-DECIMAL
Specify here if your data file contains a comma or decimal

seperator
SKIP FIRST LINES
Sometimes the first lines of a data file contain information

which you would like to skip. This can be defined here
MOST RECENT DATE IN FIRST LINE
Some ASCII files (like CQG) contain the data in reversed

order, where the last or most recent price information is on top
56
of the file. Check this box to make ELWAVE read a reversed

file.
ASSUME FORMAT FOR ALL SELECTED ASCII FILES
If the format of your ASCII files is always the same, just check
this box so ELWAVE will remember the settings.
If your ASCII file has been defined correctly click OK and the
file will get loaded. When the file has been loaded, it is a good
idea to save it as a scenario file by selecting Save as. The
scenario file has a link to the correct ASCII file, so the next
time you load the scenario file it will load the ASCII file
directly.
The data will be imported, so you can start a new Chart from
scratch
If you already have defined and saved a scenario file you
could open this scenario file by selecting Open from the Chart
menu, but more on that later.
Metastock
The same applies as above, the only difference is that FILE TYPE
must be set to Metastock 3.1 or to Metastock, which should be
used as a default!
Please note that you can select multiple items to load a couple
of charts in one go. Click on the first item and click on the last
while holdng down the SHIFT key or add items while pressing
the CTRL key when clicking on it.
57
Quote.com
This pops up a different dialog box, which speak for itself.
Next it will ask for the following information
Enter the required information to connect to Quote.com.

Fxtrek
Make sure you have the Fxtrek plug installed first.
TC2000 data
58
must be set to TC2000 3.0 or TC 2000 4.0/4.1.
CSI data
must be set to CSI.
FutureSource data
must be set to FutureSource.
TechTools data
must be set to TechTools.
Keyword Wall$treet or professional data
must be set to Keyword. Go to the directory c:/WS or C:/ Wall
street if the software does not so automatically.
Please note the 2 fields at the right top above the list of items.
Change between Daily and Intraday if necessary.
Omega Globalserver
59
Only the Omega 2000 version is supported.
New Quote window

Select this menu item to open a quote window to monitor your
favorite stocks in real time.
60
On top of the Quote window you can choose the scan list on
the left. Each Scan list is a predefined selection of stocks or
other financial items that can be retrieved at the press of a
button. The same scan lists are used in the Scanning module.
On the right top you will find a layout button, where you can
edit and save the layouts you have defined yourself.
Open
To open an existing scenario choose the Open command
from the Chart menu. A dialog box will appear, which requires
you to specify the file name of the scenario, the directory and
the drive. ELWAVE will remember the directory that was used
last. If the default directory is not the location of your scenario
file, then browse to the right directory. Using this menu item
you can retrieve previously saved hand made or automatic
analyses.
61
The Windows 95/98/2000/XP OPEN Dialog box looks as

follows:
The first time you use ELWAVE, you must use the example
scenario files or import one of your own files, since no
scenario files of your own have been saved yet.
File name
Type the file name or select the scenario file with your mouse.
If you double-click on the file name, the chart will load
automatically.
Look in
Here you can browse to the directory that contains your files.
Files of Type
For now the only file type available is an ELWAVE scenario

file. The program will add the extension .elw to the file name
you have specified.
Open
If you have typed the name of the file, confirm to load this file
by clicking on the OPEN button.
Cancel
Click the CANCEL button to leave the OPEN dialog box. No file will
be loaded.
Close
Select the Chart menu and choose Close. Use this command
to close the active scenario file. If you didnt save changes
62
made to the scenario, the program will remind you to do so

now. Choose YES if you want to save the changes using the
same name. Choose CANCEL if you change your mind.
Save
Select the Chart menu and choose Save. Choosing the Save
command will save the scenario file instantaneously. This
could be a hand made wave count or an automatic analysis.
This way you can save your scenarios fast without renaming
them. If a scenario is unnamed, you will be asked to provide a
file name, if the software itself does not already suggest a
name. If the scenario file already exists you will be asked if
you want to replace it. Click OK if you agree and CANCEL to
return without saving.
Save as
Select the Chart menu and choose Save as. The Save as
command is used to save the current scenario file the first
time or to save it using a different name. This is useful in order
to create alternative scenarios, which are derived from the
active scenario. This could be a hand made wave count or
an automatic analysis. This way it is easy to create as many
scenarios as you like for the same security.
63
File name.
Type the file or select the scenario file with your mouse. It is
helpful to specify a file name, which is easily recognizable. For
example if you are saving the preferred scenario of the Dow
Jones, then type Dowpref or any other file name which
reminds you what it is.
Save in.
Here you can browse to the directory where you want to save
your files.
Save as Type.
For now the only file type available is the ELWAVE scenario
file. The program will add the extension .elw to the file name
you have specified.
Save.
If you have typed the name of the file, confirm to save this file
by clicking on the Save button.
Cancel
Click the Cancel button to leave the Save dialog. Nothing will
be saved.
Save as template
Tip: if you change

your preferred
scenarios often,
you could include
the date in the file
name. The
preferred scenario
for the first of
January 1999
could have the
name dj1999P.
This way you can
keep track of the
chronological
changes of your
preferred
scenarios.
Select the Chart menu and choose Save as template. This

command is used to save the current chart layout, including
indicators and panes, so you can retrieve your settings
easily.
Save all
Select the Chart menu and choose Save all. Use this
command to save all open scenario files at once.
If a scenario is unnamed, you will be asked to provide a
file name.
Export Metastock
Select the Chart menu and choose Export Metastock.
This command exports the price data of the active chart
64
to a Metastock (intra day) file. This can be used to convert an

ASCII data file to Metastock format.
Export ASCII
Select the Chart menu and choose Export ASCII. This
command exports the price data of the active chart to an
ASCII (intra day) file. This can be used to convert a Metastock
data file to an ASCII file.
Print
Tip: To print the
entire screen
press the Print
screen key, switch
to your word
processor, import
the picture with
CTRL-V and
print it from
there.
Select the Chart menu and choose Print. The Print

command prints the active chart, including visible
panes as well as THE SUMMARY INSPECTOR if you have
checked this option in the Print dialog box
Print All
Select the Chart menu and choose Print All to print all
charts in different windows at once.
Exit
Select the Chart menu and choose Exit. To leave ELWAVE
choose the Exit command. As usual the same can be
accomplished by simultaneously pressing ALT-F4 on the
keyboard.
Recent Scenarios
Select the Chart menu and choose one of the recent
scenarios. At the bottom of the Chart menu you will find a list
of the last scenarios which were loaded earlier. For your
convenience ELWAVE, will remember the last four scenario
files. This way you have quick access to the files you probably
use most. Click on one of the listed files or press the number
in front of the file.
65
2. Edit
The Edit menu is used to make modifications to your analysis.
Some menu items allow you to change the wave count easily.
Also you can delete selected objects with the menu item
Delete. Pressing the Delete key can also do this. Furthermore
it is possible to modify the properties of the selected object
and to copy the chart or screen to the clipboard.
The Edit menu looks as follows:
To access the Edit menu click on Edit with your mouse and
choose the appropriate menu item.
Degree Up
Select the Edit menu and choose Degree Up. This command
only works on manual wave counts, not on an automatic
analysis, and is specifically intended for Elliott Wave analysts.
Choosing this command will alter the wave degree of the
selected wave label, or group of wave labels, to a one higher
wave degree. Note that you first have to make a selection by
dragging the mouse over the area in the chart that contains
these wave labels or select them with CTRL key pressed and
left mouse click.
When analysing the wave count of a security it often happens
that you have to change the wave degree up or down, for
example when an extension or a failure occurs. Instead of
deleting the wave label(s) and inserting a wave label of higher
66
or lower degree, you can change the wave degree

immediately.
Degree Down
Select the Edit menu and choose Degree Down. This
command will do the same as Degree Up but will change the
selection to a one lower wave degree.
When analysing the wave count of a security it often happens
that you have to change the wave degree up or down, for
example when an extension or a failure occurs. Instead of
deleting the wave label(s) and inserting a wave label of higher
or lower degree, you can change the wave degree
immediately.
Copy Chart
Select the Edit menu and choose Copy Chart. Use this
command to copy the chart to the clipboard. Then you can
switch to another Windows application such as a word
processor or a graphical program and paste the contents of
the clipboard into the application. As opposed to a bitmap
picture, this picture will be relatively small and the embedded
objects can be edited in another drawing program.
Delete
Tip: to remove
any pane position
the mouse pointer
on the pane
border at the
bottom of the
pane, grab the
border and drag
it as high as
possible. If you
release the mouse
button, the pane
will be deleted.
Select the Edit menu and choose Delete when you want to
delete a selected object. Note that you will have to select the
object first by selecting it in the chart with a left mouse click!
You can also press the DELETE key on your keyboard to
delete the object. If you want to select multiple objects,
you can select these objects one by one with your
mouse, while keeping the CTRL key pressed. By
dragging the mouse over a certain area of the chart,
you can select all objects in this area at once.
67
Properties
Select the Edit menu and choose selection Properties...
when you want to change the properties of a selected object.
A dialog box will appear, where you can change the
appearance and the parameters of the object, if available.
Alternatively you can change the properties of any object by
double clicking it with your left mouse button.
3. View
The View menu is used to control the layout of your screen,
except for the analysis layout, which can be found unde the
Analyse from the main menu. Zooming will allow you to
display a specific part of the price chart. You can choose to
show, or to delete, indicator panes, volume, Fibonacci ratios
and the display of other objects for example targets and
channels.
68
When a price chart gets crowded because you have inserted

a lot of objects, you can choose to show a selection of the
objects, instead of showing all.
Zoom In
Tip: Alternatively
you can use the
mouse for setting
chart properties
and to zoo: click
the right mouse
button on empty
chart space and a
menu will pop up.
Select the View menu and choose Zoom In. First you have to
select this command and then select the area of the
price chart by dragging with your mouse. Then you can
use this command to zoom in on the selected section of
the price chart.
ELWAVE will remember your entire zoom in steps and
save them in a scenario file. With the Zoom in and
Zoom out function you can show more, or less, detail in
the price chart.
Zoom Out
Select the View menu and choose Zoom Out. You can use
this command to zoom out and go back one step at a time,
repeating the same steps you did when zooming in. ELWAVE
will remember your entire zoom in steps.
Zoom Reset
Select the View menu and choose Zoom Reset. This
command can be used to reset all zooming steps you have
made while using ELWAVE. Once you have reset zooming
the zoom steps will be lost! Dont save the scenario file if you
would like to retain these steps.
Hairline
Select the View menu and choose Hairline. This command
will allow you to toggle the display of the hairline.
Semi-log (linear)
To change the scaling of the chart (Y-axis), choose from the
menu on top of the screen the option View, next select the
menu item Semi-log. If semi-log is the current scaling, you will
69
notice a marker in front of this menu item. To change the

scaling to line chart, choose the menu item Semi-log (now the
marker in front of it will disappear).Alternatively you can
change the properties of the price chart by double clicking the
right mouse button on any region of the price chart as long as
it is not occupied with any object. In a semi-log scaled chart,
the distance between each point is related exponential, by
which means that the distance between 20 and 40 (a 20 point,
100% increase) should be the same as the distance between
40 and 80 (a 40 point, but still 100% increase).
Targets
To toggle the display of target ratios, which are printed left of
target lines, choose Target Ratios. This option is useful when
the ratios, printed at the left of the target lines, diminish the
clarity of the chart. You can choose to display target ratios
and/or target values at the right or the left of the target lines or
to display just the target lines.
Charting style
Tip: to adjust the

detail level in the
price chart use the
scroll bar
positioned near the
left lower corner of
the chart. This
detail adjustment
will show the
selected objects
and wave labels up
to the wave label
degree of your
choice.
To change the charting style, choose from the menu on top of

the screen the option View, next select the menu item
Charting style If you select this menu item a dialog box will
appear, where you can select the charting styles.
The picture below shows the dialog box with the different
charting styles, one can choose from.
70
Alternatively you can position the mouse pointer on an empty

space of the price chart and double click the left mouse
button. A dialog box will appear in which you can change the
charting style by clicking the drop down box.
Wave Tree
Select the View menu and choose Wave Tree. This command
will allow you to toggle the display of the WAVE TREE.
Wave Inspector
Select the View menu and choose Wave Inspector. This
command will allow you to toggle the display of the WAVE
INSPECTOR.
Summary Inspector
Select the View menu and choose Summary Inspector to
display a summary of trading signals for all time frames.
Alert Inspector
Select the View menu and choose Alert Inspector to display
the latest activated signals for all time frames.
Scan Inspector
Select the View menu and choose Scan Inspector to display
the SCAN INSPECTOR dialog box
The SCAN INSPECTOR facilitates searching for specific investment
or trading opportunities that comply with the criteria you have
specified. So if you are looking for stocks to buy or sell, just
specify the conditions and ELWAVE will find it for you.
dialogue box will pop up in which you can
specify the list of items to research and which conditions to
use. Alteratively you can press CTRL-S simultaneously.
THE SCAN INSPECTOR
71
Simulation Inspector
Select the View menu and choose Simulation Inspector to
display the SIMULATION INSPECTOR dialog box.
Pressing the Start new simulation dialog box will display the
following dialog box in which you have to insert the record
number from where you will start the simulation.
To determine the record number first you need to look in the

regular chart, using the hairline, for the record number.
72
If you have filled out the record number, click OK and the chart
will be truncated in order not to show the future data which
you are about to simulate.
Also the SIMULATION INSPECTOR dialog box will remain visible,
where you can instruct the software to buy or sell and in what
quantities by pressing the BUY or SELL button in the dialog box.
The same way you can log your trades in real time.
Simulating your trading strategies is a very powerful way of
gaining trading experience in the shortest time possible.
Panes
Select the View menu and choose Panes. This command will
allow you to select which indicator panes will be displayed in
the active chart. Also, it allows you to remove the panes from
the screen or redisplay them later on. If you select this menu
73
option you will see a list of panes, which are available for the
active window. The panes are listed in the order in which they
appear top-down in the active chart window. By selecting or
deselecting the particular pane you can toggle its display.
The size of the pane can be adjusted by grabbing the
separation border of the pane and dragging it to its new size.
4. Insert
NOTE: to
display or
remove volume
you can select
the View menu,
choose pane
and select or
deselect
Volume.
The Insert menu can be used to add several indicators, etc.,

which you would like to have displayed in your chart,
for example the volume indicators and the Fibonacci
ratios. Indicators can be added either in a new pane or
in the price chart. With some indicators, it is useful to
display them in the price chart, for example moving
averages. Since a lot of objects will be included in the
price chart already, it is recommended that the majority
of the indicators be displayed in separate panes. In
each pane you can insert several indicators under the
tabs on top of the indicator pane.
New Indicator Pane

Select the Insert menu and choose the menu item New
Indicator Pane.
74
This will show the MANAGE INDICATORS dialog box, to select and
insert the indicator of your choice in a new pane above the
price chart. Theoretically you can add as many indicator
panes as you like. On top of each pane you will notice several
tabs, which are empty initially. Each time you click on one of
these tabs, another indicator, if inserted already, will be
displayed. This view can contain just one or several indicators.
A dialog box will appear with the available indicators on the
left side and the displayed indicators at the right. Here you can
add and remove indicators, as well as change their properties.
75
Tip: if you like,

you can add more
then one
indicator in the
same pane. You
could add a
different
indicator under
each tab. By just
clicking with your
mouse on the tab
of your choice,
you can instantly
access the
indicator you
would like to
display.
You can use the ADD(>>) button to add to the indicator pane. At
first no indicators will be selected, so you have to select the
desired indicator from the left list box by clicking on it with the
left mouse button. Then click the ADD button and the indicator
will appear in the list box. Now click the OK button to
return to the chart, where the indicator will be
displayed. If you change your mind and want to
remove the indicator, then click on the REMOVE button
before pressing OK.
To change the properties of an indicator, like for
example the color and the indicator specific variables,
press the PROPERTIES button. If you dont want to
include new indicators at all, press the CANCEL button
and you will return to the price chart without any
modifications. This only works when you have not yet
selected an indicator.
To add an indicator to an empty TAB of an indicator
pane, click on the TAB and click the right mouse
button. An Indicator menu item will appear, select it
and the same dialog box as displayed above will appear. Now
you can add another indicator in the same pane. By clicking
on the TABS you can switch indicators quickly.
Remove indicator
To remove an indicator select the REMOVE button in the

indicator dialog box. A dialog box will appear with the
available indicators on the left side and the selected indicators
at the right. Select the indicator you would like to remove from
the list box on the right and press the REMOVE button with your
mouse. Now this indicator will be removed. Press OK to leave
this dialog box.
Properties
Select the indicator you would like to change from the list box
on the right and press the PROPERTIES button with your mouse.
Another dialog box will show up.
76
Alternatively you can change the indicator properties by

double clicking with your left mouse button on the indicator
line.
You can change the properties of an indicator as indicated by

the Tabs in the dialog box.
Parameters
To change the parameters of an indicator click on the

Parameters Tab. Now you can change the time periods and
the data field on which the indicator is based. For example if
you prefer a 10-day RSI instead of the standard 14-day,
change the time period from 14 to 10.
Appearance.
By clicking on this tab you can change the appearance of the

indicator. To change the line thickness of an indicator press
the drop down arrow at the right of LINE WEIGHT. Here you can
select your preference with the mouse. To change the color,
press the CHANGE button. In the following dialog box you would
click on the color you prefer, which will then appear in the
COLOR/SOLID box and press the OK button.
77
New Indicator in Price Chart

Select the Insert menu and choose the menu item New
Indicator in Price Chart. The MANAGE INDICATORS dialog box will
then appear as already explained in the previous section New
Indicator Pane. This dialog box will allow you to insert the
indicator of your choice in the price chart.
78
You can for example add Bollinger Bands, Keltner channels,

Moving averages and a Parabolic indicator. Consult other
technical analysis books if you need an explanation of these
indicators.
Managing Indicator panes
If you want to change the indicator panes already in use,
position your mouse pointer on the particular pane and click
the right mouse button.
A dialog box will show up, which looks the same as when you
add a new indicator pane to the chart. Here you can add and
remove indicators as well as change the properties of the
indicator. For more information look under the section
explaining New Indicator Pane from the Insert menu.
Fibonacci Pane
This will only work on manual wave counts! The automatic
analysis first has to be converted to a manual wave count, see
Analyse menu, in order to select wave labels and display
Fibonaccis.
Select the Insert menu and choose the menu item Fibonacci
Pane. This command will insert a pane with Fibonacci price
relationships. First you will have to select any wave label of
the wave degree for which you would like to see the Fibonacci
ratios. The wave degree you have selected will appear in the
first column. In the following columns the Fibonacci ratios of
the next lower degree will be listed. Underneath each ratio you
will find a temperature indicator, which displays the
temperature of the Fibonacci ratio. The better the ratio, the
more red and expanded the thermometer will be.
79
Volume Pane
Select the Insert menu and choose the menu item Volume
Pane. This command will insert the volume in a separate pane
underneath the price display of the active chart.
5. Analyse
The Analyse menu allows you to analyze the chart in different
ways, to convert automatic analysis to manual wave labels
and to choose from different analysis layouts.
80
Analyse entire chart

Use Analyse from the main menu if you would like ELWAVE
to generate a wave count and forecast automatically. Select
the Analyse menu and choose Analyse entire chart in order
to generate an analysis from scratch. For further explanation
see the Advanced topics of this manual. Please note that
analysis options are set by default to its best settings,
nevertheless changes can be made by selecting Options
menu.
Analyse selected wave (1 level)

Choose Analyse from the main menu and Analyse selected
wave (1 level) if you would like ELWAVE to sub analyze a
selected wave as selected in the WAVE TREE .iThis will add one
81
wave degree extra. To display the Wave Tree select from the
Analyse menu either Typical layout or Expert layout.
For expert users only.
Analyse selected wave (2 levels)

Choose Analyse from the main menu and Analyse selected
wave (2 levels) if you would like ELWAVE to sub analyze a
selected wave as selected in the WAVE TREE .iThis will add TWO
wave degree extra in one go and will ofcourse be more
restrictive.
Update analysis
Use this option to reanalyse selectively instead of analysing
the whole chart. ELWAVE will know exactly which section of
the chart needs to be reanalysed, which will save precious
time. If an undefined wave count is returned, you need to
reanalyze the chart entirely. Since an Analyse entire chart is
more precise, it is recommended that a full analysis will be
performed in order to produce more reliable results.
Check Wave Count

To check a manually made wave count which you have
labeled yourself, select the Analyse menu and choose Check
Wave Count. This command can be used to build the WAVE
TREE, displaying specific information on patterns, rules and
guidelines all at once. This is a useful tool to inspect your
wave count quickly and in an orderly manner or to navigate
through the chart, since the WAVE TREE will zoom in on a
specific wave degree, thus providing an alternative Zoom in
function.
Wave counts will get checked on specific Elliott rules and
guidelines, of which different sets are available.
The CLASSIC RULES and guidelines definition will analyse the
wave count according to very strict definitions of patterns as
required by the Elliott Wave Principle and will signal a false
internal structure as well.
82
The MODERN RULES and guidelines definition adopts a more

pragmatic approach and includes newly discovered patterns
as well, taking into account the fact that markets do not
always conform to textbook examples. (See also Chapter
named Check Wave Count)
The guidelines are helpful in assessing the probability of a
count. The more guidelines that have been satisfied, the
better the wave count. You can check the guidelines with the
WAVE INSPECTOR.
Convert to Wave count

This option enables you to convert your preferred Elliott count,
as made by the automatic engine of ELWAVE, to a wave
count so you can save it as a scenario file for later use. First
select your preferred wave analysis on every wave degree
using the WAVE TREE by clicking on the WAVE button with the
right mouse or just accept ELWAVEs first alternative. Please
note that you can click on every WAVE button of the patterns in
patterns to select your alternative.
Clear Analysis
Selecting this option will clear the automatic analysis
completely.
Start batch processor

This menu option will start the batch processor program,
which enables you to analyse multiple charts while you are
otherwise engaged. Select scenario files to load and
analyse. Basically this is the same batch processor as used
by the Scan Inspector.
Save Custom layout

This menu option will save your preferred layout.
83
Custom layout
This menu option will display the preferred layout, which you
have previously designed and saved.
Simple layout
This is a predefined layout that does not show most of the
experts information.
Typical layout
This is a predefined layout that shows more information and
more specifically it shows the WAVE TREE which can be used to
navigate the patterns.
Expert layout
This is a predefined layout that shows all the information an
expert would require.
6. Options
Choose Options from the main menu if you wish to change
the default preferences of ELWAVE.
84
Analysis
In order to adjust the analysis setup, choose from the main
menu Options and select Analysis
The Analysis options dialog box will pop up where you can
alter the preferences for automatic analysis.
85
Look for complex patterns

By default this option is not checked. It is a very strict setting,
only to be used by experts. Because of its strictness and
analysis depth, it will produce different results.
Extra wave degrees
By inputting 1,2 or 3 extra wave degrees, the software will
analyze the last unfinished waves in more detail, resulting in
extra time frames and more detailed information in the SUMMARY
INSPECTOR. Of course adding extra time frames will increase the
analysis time.
Indicate reversal on > 50% retrace (Modern rules)
Normally this box is checked in order to use the Modern rules
for analysis. The Modern rules will signal retracements of 50%
86
in a wave 2 on every wave degree, which is very interesting

trading information. If this box is not checked, the CLASSIC rules
will be used which adheres to very strict Elliott Wave
interpretation, while the MODERN allows for newly found patterns
and contains the latest research.
Analyze last xxxx records
Herewith you can force ELWAVE to analyse a fixed number of
bars instead of always using the complete data file. If the data
file grows, after some time ELWAVE theoretically could come
up with larger wave degrees in its results, just because the
data file is larger. Also, for system testing purposes it is
advised to use the same number of bars.
Show analyzing
Switch this on or off, by default ELWAVE shows how it
searches for Elliott Wave patterns. Switching it off will save
some time, when analysing.
Show confirmation dialog box
Start a second
session of
ELWAVE for
collection of realtime data in
order to watch
the markets
continuously
while another
session of
ELWAVE updates
its analysis.
After completion of an analysis ELWAVE shows a

dialog box in which you have to press the OK button to
continue. Normally you will not want to click OK every
time the analysis has been updated, therefore it is
advised to uncheck this box.
Show ALERT INSPECTOR when
By default this is switched on. When critical levels are
broken because of price fluctuations, the software will
give appropriate signals automatically and if necessary
update the previous automatic analysis. For expert
users only.
Check Signals
Check this box if you require ELWAVE to update the analysis
in real time automatically.
87
Automatic Analysis update

By default this option is switched on, causing ELWAVE to
automatically start a new analysis if critical levels are broken.
You will not be able to watch price fluctuations if this analysis
update is in progress.
Limit to once every
Depending on the speed of your computer, it will take some
time to update an analysis. Reanalysing could take from
around 20 seconds to perhaps 10 minutes or even more on
slower computers. If you instruct the software to update the
analysis too often, it will receive signals before the previous
update has been completed. Thus you will not have a chance
to operate the software because it will be busy all the time.
Automatic Analysis on blank chart
Check this box and ELWAVE will automatically analyze a
blank chart that has been loaded.
Revert to old 6.2 interface
Press this button to activate the analysis interface used before
version 7.0 and higher. Please note that this will disable the
calibration and always will display wave degree Supercycle
first in the SUMMARY INSPECTOR no matter how small the waves
are.
Target Zones
Choose Target Zones to change the settings, which
determine how combined Fibonacci price and time targets will
be displayed in the chart. By default the option include all
alternative wave counts is activated. This will calculate the
Fibonacci relationships on all validated wave counts instead of
just one count. See the Target Clusters chapter for more
explanation.
88
Wave Inspector
For expert users only. Choose Wave Inspector to change
the information that will be shown when the WAVE INSPECTOR has
been activated. A dialog box will pop up as shown below.
89
Here you can toggle the listed options to display the

information you wish to see in the WAVE INSPECTOR window.
After a while, or if you are an experienced Elliott Wave
analyst, you probably would like to see only the rules and
guidelines which have been violated. To accomplish this
deselect all check boxes and all other information will not
been shown.
If you switch the show pattern in chart on, not only the
PATTERN, but also the SWING FILTER and TARGET BARS will be pictured
in the chart.
Snap wave labels to extremes

By default this switch is on making sure that the wave label
you insert in the chart is attached to the top or low
automatically. If you like to put it at a specific spot precisely,
disable this setting by selecting this option.
Export Summary sgnals

Herewith you can export the signals of the Summary inspector
to a file that can be imported in Excel. For expert users only.
90
7. Price data
This menu makesit possible to do all sort of things with regard
to price data, such as saving them in a separate file, editing
price data, truncating at the beginning and/or the end of the
data file and so on.
Save price data

You can save your price data either in Ascii format or in
Metastock format. At the bottom of the SAVE dialog box you will
find the field SAVE AS TYPE, where you can select the format. Fill
out a name as you like and press the SAVE button. First time
you save your data ELWAVE will ask for a location where to
save it. Next time it will save immediately.
Change price data location

Change the location where you save your price data. Selct
another folder or drive as you like.
91
Export price data location

Basically the same as the Save price data menu item, but
here ELWAVE will allways pop up a dialog box asking for the
file name and location of the file to be saved.
Truncate price data

Use this option, to start simulations of the chart under
inspection. Truncate the price data at the point where you
would like to investigate how the analysis, would look if future
data were unknown to ELWAVE. Move your mouse pointer
over the chart to the price bar where you would like to truncate
the data, and read from the status bar the index number.
Insert the index number in the TRUNCATE PRICE DATA dialog box.
You can truncate price data at the beginning and/or at the end
of the chart as you like. Therefore any section of the chart can
be selected and analysed.
Next have ELWAVE analyse the chart entirely and use CTRL-1
(from the numerical keypad, make sure that NUMLOCK is on)to
CTRL-9 keys to add data bit by bit. If you use CTRL-1 only 1 bar
or tick will be added, using CTRL-2 will add 2 bars, CTRL-3 adds
four bars and so on. The software will show you exactly at
what cross points it will signal a positive or negative indication
and when it decides to update the analysis.
92
Show truncated price data

If this option is checked, truncated price data will show grayed
out in the chart. Select this menu item again to hide truncated
data.
Compress price data

This menu option allows you to compress your price data to
any compression you like. For example, a huge tick file can be
dramatically reduced by compressing it to a 1 minute price
data file. Select the time frame in the COMPRESSION field and
click OK.
Correct bad ticks

Bad ticks will be automatically corrected in intra day charts,
provided a real time feed has been enabled. It will only work
on tick files, not on compressed bars, like 1 minute bars,
containing a price range. If you load an existing file you could
93
have the whole file corrected by selecting this menu option.

Make sure the settings in the elwave70.ini file of ELWAVE are
correct, see the special section on real-time data feed. The
elwavexx.ini file can be found in the Windows directory.
Edit price data

Incorrect price data can be edited when necessary using this
option. Please remember to save the price data, because the
next time you request the symbol from your data vendor, the
same errors, that just have been corrected, will be retrieved
again.
You can either INSERT, APPEND or DELETE a row, see the buttons
at the bottom of the EDIT PRICE DATA dialog box.
Click with your left mouse button on one of the fields in a row
to edit the contents of the field. When complete press the
ENTER key to confirm the change.
94
Perform stock split

Using this option you can adjust an ASCII or Metastock files
and save the new data. Export of other file types is not
supported so these data should be adjusted using the data
vendors software. This option has been added to help with
the conversion of price data to the EURO or to split extremely
large files which are too large to load in Excel.
7. Screen
Tip: a screen can
also be used to
display the same
security several
times, where each
chart shows more
(wave degree)
detail of the latest
market action. By
designing such a
screen you will
never miss the big
picture, which
facilitates
recognizing wave
patterns within
wave patterns.
You can use the Screen menu to load and save

screens. Saving a screen means that you save the
entire layout of the screen containing all the loaded
charts, in other words, a screen saves a specific set of
scenarios in one screen file.
Before you save a screen you must have saved your

scenario(s) in a file. If this has not been done yet, ELWAVE
will first come up with a SAVE SCENARIO dialog box prompting you
to save the scenario. Immediately thereafter the SAVE SCREEN
dialog box will appear.
In theory you can load and display as many charts as you
want, but this only works properly on a high-resolution screen.
For this purpose it is recommended to use a high resolution,
for example 1024 x 768, preferably using at least a 17 inch
monitor. For example, you may wish to compare four
securities at the same time. Place a chart in every corner of
95
the screen (or select Tile vertical from the Window menu)
and save the layout in a screen file. Next time you start the
program you will probably like to compare the same four
markets. By loading the screen file you will get the same set of
charts immediately.
Open
Select the Screen menu and choose Open. This command
can be used to open previously saved screens. A dialog box
will appear in which you specify a screen file by typing its
name, or choosing the screen of choice from the list box. Then
click the OPEN button to confirm. If the screen is not listed,
browse to the correct directory.
Save
Select the Screen menu and choose Save. Choosing the
Save command will save the screen instantly. This way you
can save your screens quick without renaming them. If you
havent saved the screen before, a dialog box will appear in
which you have to specify a screen name (a maximum of 8
characters) or clicking the screen of your choice from the list
box. If the screen is not listed, browse to the right directory.
Make sure you give the screen an easily recognizable name.
Then click the SAVE button to confirm.
If the screen already exists you will be asked whether to
replace it. Click OK if you agree and CANCEL to return without
saving.
Save as
Select the Screen menu and choose Save as. The Save as
command is used to save the current screen file for the first
time or to save it using a different name. This is useful in order
to create different screens. In this way it is easy to create
numerous screens as required for the same security or
multiple securities.
96
Close
Select the Screen menu and choose Close. Use this
command to close the active screen file. If you didnt save the
changes made to the screen, the program will ask you if you
want to do so now. Choose YES if you want to save the
changes using the same name. Choose CANCEL if you change
your mind.
Recent Screens
Select the Screen menu and choose one of the Recent files.
At the bottom of the Screen menu you will find a list of the last
screens which were loaded. For your convenience ELWAVE
will remember the last four screen files. This way you have
quick access to the screens you probably use most. Click on
one of the listed screens or press the number in front of the
file.
8. Window
Select the Window menu and choose the chart window,
which is to be activated as the current window. Automatically
this will appear in the foreground. This is a standard Windows
function and very convenient for fast switching when multiple
price charts have been loaded.
Furthermore you can choose to Cascade or Tile the Price
chart windows, which will display all windows in a predefined
manner.
9. Help
Here you can search for help on specific topics, or you can go
through the Quick Tutorial to get started.
Choose from the Help menu the menu item Contents to get
help, choose About... to see information about ELWAVE and
the registration of the copy you are working with.
In addition you will find your Serial number in the left lower
corner of the information box which is needed to calculate a
new license key or to upgrade the software.
97
Choose Enter new license key to see which modules are

enabled and to insert a new license key. This is important to
know for upgrading the software to extra modules or new
releases. The new license key which Prognosis normally will
send over the internet, can be inserted here and will activate
the new software. This option can also be used to input a
Release code. Keep CTRL key pressed when selecting this
menu item.
98
INDEX
3 negative ...................................... 49
3 positive list ............................... 49
6.2 interface ................................... 89
About ............................................. 98
Add(>>) button .............................. 77
adjust Y-axis .................................. 34
Advanced Topics.......................... 20
Analyse .......................................... 81
Analyse entire chart ................. 24, 82
Analyse selected wave ............. 82, 83
Analysis Batch processor............... 47
Analysis options ............................ 86
Analyze last xxxx records............ 88
Appearance indicator ..................... 78
ASCII ............................................ 55
ASCII date format ....................... 56
ASCII Date Format........................ 56
ASCII files..................................... 55
AUTOMATIC ANALYSIS......... 10
Automatic Analysis blank chart..... 89
Automatic Analysis on open chart. 17
Automatic Analysis update............ 89
Automatic Scenario management .. 17
BASIC ........................................... 10
batch processor .............................. 84
Bollinger Bands ............................. 80
Calibration ..................................... 14
Candlestick ................................... 32
Change price data location....... 92, 93
change the properties objects......... 32
change the wave degree ................. 67
Channels ........................................ 37
Chart .............................................. 50
chart objects................................... 36
chart window..................................32
charting style ..................................33
Charting style .................................71
Charting styles................................32
Check signals .................................88
Check Wave Count ........................83
Classic ............................................83
Clear Analysis ................................84
Close scenario ................................63
Close screen ...................................98
Color ..............................................33
Complex patterns ...........................87
Component .....................................33
compression ..................................23
Compression...................................35
Conditions ......................................48
confirmation dialog box .................88
connect to your data provider.........22
Convert to wave count ...................37
Convert to Wave count ..................84
Copy Chart .....................................67
Copyright .........................................1
Correct bad ticks ............................94
critical price levels .........................43
CSI .................................................59
Custom layout ................................85
DDE server.....................................52
Degree Down .................................67
Degree Up ......................................67
Delete .......................................66, 68
Detail level of wave degrees ..........36
directory .........................................55
Disclaimer ........................................1
display Alert Inspector ...................72
display Summary Inspector............72
display Wave Inspector..................72
display Wave Tree .........................71
Dockable toolbars.........................12
99
Drag and drop.............................. 12

drop the trend line.......................... 37
EASI .............................................. 29
Edit................................................. 66
Edit price data ................................ 95
Elliott HL Line ............................. 33
Elliott OHLC Line ....................... 32
ELWAVE program button .............. 21
Enter new license key .................... 99
eSignal........................................... 52
eSignal datafeed............................. 14
Exit................................................. 66
expert advisor
English....................................... 27
EXPERT ADVISOR........ 11, 14, 26
Expert layout.................................. 85
Export ASCII................................. 65
Export Metastock........................... 65
Export Summary signals................ 91
Extra wave degrees ........................ 87
Fibonacci Pane............................... 80
File name. ...................................... 64
Files of Type, scenario................... 62
format of your ASCII..................... 56
From real-time data feed................ 53
FutureSource.................................. 59
Fxtrek............................................ 58
Gann Fann...................................... 39
Getting Started ............................... 20
Grabbing objects............................ 12
Graph type ..................................... 33
Hairline .......................................... 70
Hardware requirements.................. 12
Help ............................................... 98
Indicator Pane ................................ 75
INDICATORS.............................. 21
Insert ..............................................75
Installation........................................9
Interface .........................................11
Introduction......................................8
Keltner channels.............................80
Keyword.........................................59
KeyWord Wall$treet ......................19
Limit to once every ........................89
linear scaling ..................................70
load the chart..................................22
Look in. .........................................62
Managing Indicator panes..............80
MetaStock 8.0 ................................15
Metastock data ...............................57
Minimum requirements ..................12
Modern...........................................84
Modern rules ..................................87
Moving averages ............................80
New Chart ......................................51
New in version 7 ............................14
New Indicator in Price Chart .........79
OHLC Bar ....................................32
Omega Globalserver ....................60
Open...............................................61
Open Screen ...................................97
Operating system............................9
Options...........................................85
Panes ..............................................74
Parabolic ........................................80
PARAMETERS INDICATOR ................78
Perform stock split .........................96
Price data........................................92
Print................................................65
Print Summary Inspector................65
properties........................................66
100
Properties ....................................... 68
Properties indicator........................ 77
Quick start...................................... 21
Quick Symbol ................................ 16
Quote Monitor ............................... 15
Quote window................................ 61
Quote.com................................ 15, 58
Recent Scenarios............................ 66
Recent Screens............................... 98
Recommended ............................... 13
Registration...................................... 1
Release code .................................. 99
Remove indicator........................... 77
remove pane................................... 68
Rescaling of panes ......................... 36
resize or move the trend line.......... 36
Right mouse button ..................... 12
Save all scenarios........................... 65
Save as scenario....................... 63, 65
Save as screen ................................ 97
Save as Type, scenario................... 64
Save Custom layout ....................... 84
Save price data............................... 92
Save scenario ................................. 63
Save Screen.................................... 97
Scaling ........................................... 34
Scan Inspector.......................... 44, 72
scan list .......................................... 45
Scan list.......................................... 47
SCAN NOW!................................. 49
SCANNING............................ 11, 44
Scanning for trading setups ........... 48
Scanning Standard and Professional
................................................... 15
scenario file.................................... 50
Screen ............................................ 96
Screens........................................... 15
scroll bar detail level...................... 71
Scrolling.........................................32
Semi-log .........................................70
Show Alert Inspector when..........88
Show analyzing ..............................88
Show truncated price data ..............94
Simple layout .................................85
Simulation ......................................42
Simulation inspector ......................42
Simulation Inspector ......................72
Size.................................................33
small square selection boxes ..........36
Snap wave labels to extremes ........91
sort..................................................49
sound ..............................................40
Speedlines ......................................38
Spirals ............................................39
Summary Inspector ........................26
TARGET CLUSTERS.................11
Target Zone ....................................25
Target Zones ..................................89
Targets............................................70
TC2000 ..........................................59
Techtools........................................59
template..........................................23
Templates .......................................15
TenforeQuoteSpeed .......................17
Time Ruler .....................................41
TRADING SIGNALS ..................10
Trend lines .....................................36
Trigger lines ...................................40
Truncate price data.........................93
Truncate Price data.........................42
Typical layout ................................85
Typing quick symbol
IBM,5,b......................................16
typing the symbol...........................16
Update analysis ..............................83
update the analysis .........................43
upgrade the software ......................99
101
Using the Menu ............................. 50

Y-axis.............................................34
View............................................... 68
Volume Pane.................................. 81
Wave Inspector options ................. 90
Window ......................................... 98
Zoom in ..........................................34
Zoom In..........................................69
Zoom out........................................34
Zoom Out .......................................70
Zoom Reset ..............................34, 70
Zooming .........................................34
102
PROGNOSIS SOFTWARE DEVELOPMENT LICENSE AGREEMENT

1. Parties.
Agreement between Prognosis Software Development (Owner) and Customer.

2. License.
Owner grants to Customer, and Customer accepts, a non- exclusive license to use the programs
and the optional materials listed on Exhibit A and additional programs and optional material which
Customer orders under this Agreement. Customer acknowledges this product (ELWAVE) will be
licensed to other individuals simultaneously by the Owner.
3. Registration
Customer has to register his copy of ELWAVE within 3 months in order to keep on using the
product. On registering the Customer will receive an update or a password, which enables the
Customer to continue to use the software. The software will work with one computer only, since
ELWAVE will refuse to work on different hard- and software configurations. The Customer has
received a unique copy, which contains the name and other data of the Customer. ELWAVE will
generate a unique access key, which the user has to fill in on the Registration Form in order to
receive the aforementioned password.
4. Charges.
(a) Amount and Payment.
See list price of Prognosis Development. On delivery of this program payment conditions will be
specified on invoice.
(b) Taxes.
Customer will pay all state and local sales taxes when levied, on the Programs and Optional
Material, or on their use. Any such taxes payable by Owner will be billed to and paid by the
Customer.
5. Use Specifications.
Separate License Requirements. This license is granted for use of Program or Optional Materials
on a single computer at one time. A separate license is required for each computer if the Program
or Optional Material will be used on more than one computer simultaneously.
6. Basic Materials.
Any basic materials, in machine readable or printed form, and software diskettes provided by
Owner for or with any Programs are governed by the terms of the license granted under the
Agreement for such Program.
103
Neither Prognosis Software Development, nor its employees or owners will assume any
responsibility for downtime loss or damages resulting from corrupted hardware or any other
disability of the product.
7. Delivery.
Owner's Programs will be shipped within fifteen days after Owner has received payment for the
product
8. Risk of Loss.
Programs or Optional Materials damaged or lost in shipment to Customer will be replaced by

Owner at no cost to Customer. Programs or Optional Material damaged or lost while in
Customer's possession will be replaced by Owner at a reasonable replacement cost.
9. Programming Service.
(a) Software Licensed "As Is".
Owner licenses all of its programs and materials "as is". Owner does not warrant the operation of
the programs to be uninterrupted or error-free. For 90 days from the date of purchase, Owner will
use its best efforts to correct any program operation errors upon proper notification. All conditions
that caused a suspected defect or error to materialize must be fully documented and reproducible
by Owner.
The sole obligations in the event of a defect, at Owner's option, is to provide programming and
technical support as necessary to correct the defect.
(b) Additional Charges.
Owner may charge Customer for all additional costs and charges resulting from additional work in
connection with programming services required due to Customer's requests for modifications of
Programs or Customer's use of programs which are not the latest available release of the
program. The Owner is not obligated to make ANY modification of the product. Under no
circumstances is the Customer or his agent permitted to modify the program or materials.
10. Copying of Programs, Manuals, and Optional Materials.
Copying of any and all material provided under this agreement is strictly prohibited except as set
forth in this agreement. All materials have been copyrighted by the owner. Violation of the
provision will result in infringement of owner's copyright, breach of this agreement, and may
subject customer to damages resulting from his violation of the provision. The results of the
software are for Customers personal use only. Any commercial use or publishing of the outcome
of the analysis generated by ELWAVE is prohibited, unless there is a written permission from the
Owner. In addition all analysis results must clearly mark Owner as the source.
(a) Printed Form.
Customer may not copy all or any part of any Program or Optional Materials provided in printed
from. Customer may obtain additional copies from Owner at the charges then in effect.
104
(b) machine-readable Form.
Customer may copy all or any part of Programs or Optional Materials provided in form only for
archival purposes.
(c) Ownership.
All originals and all copies, whether whole or partial, of all Programs or Optional Material are
owned by the Owner.
(d) Record Keeping.
Customer will maintain records of the number and location of all copies it makes of Programs or
Optional Materials.
11. Software protection
(a) Modification.
Customer or his agent may not modify Programs and Optional Materials that are in machine
readable form for its own use or the use of others. Customer or his agent is prohibited from
disassembling, decompiling. or reverse engineering the programs. Any attempt to modify or
decompile the programs will automatically void any and all warranties, express or implied, and will
be deemed a breach of the Agreement, subjecting this agreement to immediate termination and
return of programs and materials to Owner.
(b) Protecting Access.
Customer will not make available any Program or Optional Material to any person, other than its
employees and Owner's representatives and employees, without Owner's prior written consent.
(c) Customer's Supervisory Duties.
Customer is solely responsible for supervision of its use of the Programs and Optional materials,
Including:
1. Assuring proper program installation, machine configuration, operating methods, and audit
controls;
2. Establishing adequate backup plans to diagnose defects in Programs, in the event of a
malfunction; and
3. Implementing adequate procedures to satisfy its requirements for security, accuracy of input
and output, and restart and recovery in the event of a program malfunction.
4. Employee Responsibilities
Customer will take all necessary and appropriate action with respect to its employees, and all
other persons it grants access to Programs of Optional Materials, to assure compliance with its
obligations under this Agreement regarding use, copying, alteration, protection, and security of
Programs and Optional Materials.
105
12.Copyright Notice.
Customer will reproduce and include Owner's copyright notice on any copy of Programs or
Optional Materials
This book and the accompanying software are copyrighted and are therefore protected by the
Copyright Laws of the Netherlands and copyright provisions of various international treaties. All
rights are reserved. The effect of such laws and treaties is that you may not, without a license
from Prognosis Software Development copy or distribute the book or the software.
13. Patent and Copyright Actions and Indemnification.
(a) Right to alter or Discontinue.
If any Program or Optional materials are, or, on Owners opinion, are likely to be, the subject of a
copyright or patent infringement claim, Owner may
1. Obtain the right to continue using the Program or Optional Materials, or
2. Replace or alter them to make them non infringing.
If, in Owner's opinion, neither of these alternatives is reasonable available, Owner may
discontinue the license for the Program or Optional Materials on prior written notice to Customer.
(b) Limitation of Liability.
Owner has no liability for patent or copy right infringement claims based on modification of the
program by the customer. In any event, Owner's liability is limited to the value of the product price
paid under the agreement.
The provisions in the Paragraph 12 state the entire liability of Owner regarding patent or copyright
infringement.
14. Warranty.
The only warranty or guarantee made is that warranty as stated in Paragraph 8 (a) of this
agreement.
Prognosis Software Development warrants the enclosed diskettes and documentation to be free
from defects in materials for a period of 60 days from the date of purchase.
The warranty stated above is in lieu of all other warranties, express or implied, Owner specifically
disclaims all other warranties, express or implied, including but not limited to implied warranties of
merchantability and fitness for a particular purpose. In no other event shall owner be liable for loss
of profit or any other commercial damage, including but not limited to special, incidental,
consequential, or other damages.
106
15. Limitation of Liability.

(a) Amount.
Owner's liability for damages with respect to this Agreement and the license provided (including
any liability for patent infringement or liability for copyright infringement), will not exceed the
charges paid by Customer for the Program or Optional Materials which are the subject of any
claim.
(b) Type.
Owner in no event well be liable.

(i) For losses, lost profits, or for other special damages or
(ii) For any claim against Customer by any third party other than a claim for patent or copyright
infringement.
(c) Limitation Period.
No action arising under this Agreement may be brought by either party more than two years after
the cause of action accrued, except for an action for nonpayment of charges which my be brought
within ten years after the date of the last payment.
16. Modification of Agreement.
(a) Owner's Right to Modify.
Owner may modify the terms of this agreement by 30 days prior written notice to Customer
(b) Customer's Right to Terminate.
If the Owner modifies the Agreement, Customer may terminate this Agreement or discontinue any
license provided under it on fifteen days prior written notice to Owner. Absent such termination,
Owner's modification of this Agreement will be effective on the date provided in subparagraph (a).
17. Termination of License.
Owner may terminate this Agreement or discontinue any license on thirty days prior written notice
to Customer (a) if Customer fails to comply with any of the terms of this Agreement or (b) as
provided in Paragraph 12.
Notice of discontinuance of a Program license acts as a notice of discontinuance of any license
for optional material granted in connection with the Program licenses. If all licenses are
discontinued, this Agreement shall not terminate unless Owner specifically provides notice of
termination.
18. Destruction on Discontinuance.
Customer will provide Owner, within ten days after discontinuance of any license under this
Agreement, with a certification that the original and all copies, in any form, of the applicable
Program and Optional Materials have been destroyed.
107
19. Other
(a) Sole Agreement
This Agreement, in conjunction with the Disclosure and Disclaimer attached hereto is the
complete and sole agreement between the parties, and supersedes all other communications
between the parties. This agreement also takes precedence over the terms of any Customer
order for any licenses.
(b) Saving Clause.
If any provision of this Agreement is invalid under any applicable statute or rule of law, such
provision is deemed omitted and the balance of this Agreement shall remain binding on the
parties.
(c) Customer's Remedies.
Customer's remedies, as provided in this Agreement are exclusive.

(d) Governing Law and Consent to Jurisdiction.
This Agreement is governed and construed in accordance with the laws of the Netherlands. Any
or all proceedings relating to the subject matter hereof shall be maintained in the courts of the
Hague in the Country of The Netherlands, which courts shall have exclusive jurisdiction for such
purpose .
In the event Owner must seek legal proceedings to enforce a breach of the terms of this
Agreement by Customer, Customer shall be liable for all costs and attorney's fees. Should
Customer bring any action in arbitration or reparations, the site of such hearing shall be in the
Hague.
(e) Binding upon Successors.
This agreement shall be binding upon, and inure to the benefit of, the parties hereto and their
representatives, successors, and assigns.
20. General Disclaimer
The Customer acknowledges and agrees that neither Prognosis Software Development, nor its
employees, nor the owners or their respective heirs or successors, make any representation or
guarantee regarding how this product may perform in the future, nor will this product guarantee
profits for the Customer. The Customer is advised to test the software thoroughly before relying
upon it. The user accepts to assume the entire risk of using the software and printed material. In
no event shall Owner be responsible for any special, consequential, actual or other damages,
regardless of type, and any loss or lost profit resulting from the use of this software. Customer
acknowledges that success depends upon Customers ability to utilize the information, software
and techniques described in this product. In the event that any liability is alleged or awarded in
any forum notwithstanding the above, such liability shall be limited to the price of the product paid
under this agreement. Customers payment, returning of the registration card and signature shall
be evidence of Customer's acceptance of all of this License agreement.
108
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DISCLAIMER

The Customer acknowledges and agrees that neither Prognosis Software

New in version 7 and higher . _________________________ 15

3. SCANNINGeasy and simple ________________________ 45

Using the Menu ____________________________________ 50

Save Custom layout ______________________________________

7. Price data _________________________________________ 91

Although the analysis is done automatically, ELWAVE is not

Installation of ELWAVE requires some simple steps and will install

3. Describing the modules in ELWAVE

Windows 95/98/2000/XP or Windows NT 3.51 or higher.

Pentium 1.8 gHz or faster.

NEW IN VERSION 7 AND HIGHER .

Full support for eSignal datafeed (requires UDS ServerFeed

Expert Advisor (optional module)

Scanning Standard and Professional

Full support for Quote.com datafeed

Wave Tree, Wave Inspector and Summary Inspector

Quick Symbol Entry Toolbar

Automatic Scenario management

Automatic Analysis on open chart

Batch Processor preserves existing Scenario settings

Toolbar with various buttons

Full support for TenforeQuoteSpeed realtime datafeed

enabled in your copy of ELWAVE and you have a subscription to

Full support for KeyWord Wall$treet (Dutch/Belgian

In this chapter we will introduce you to our Elliott Wave software. We

Wave patterns. It is not necessary to read every chapter in order to

1. Quick start ELWAVE

on your desktop, the following, empty screen will appear:

to draw the TARGET ZONE and expected market PATH.

This gives the following result:

ELWAVE will present all information, after completion of the analysis

A Negative example is shown below. All trends are down and 2

Tip: You can

occurred, provided this information is available which is

Alternatively you can position the mouse pointer above empty

As explained above under charting styles.

Select if you would like to change the setting of for example

Change the color of the Bar, line, Candlestick etc.

Change the size (in pixels) of a Bar, Line, Candlestick etc.

The zooming function allows you to take a detailed look at a

Click here to decrease top

Click here to increase

The following describes how to insert channels manually in

A more convenient way to use channels is to label the chart

With respect to uptrends, connect the beginning of the

Golden ratio Time Ruler

Move the mouse pointer to the window, click the left

Alternatively you can more easily change the properties of any

It works rather straightforward; first determine with the hairline

status bar for the index number, which has to be inserted in

3. SCANNINGeasy and simple

Alternatively you can use CTRL-S as a shortcut or press the SCAN

Analysis Batch processor

Pres the START button in the dialog box to start analysis.

Scanning for trading setups

USING THE MENU

To access the Chart menu click on Chart with your mouse

update the chart automatically. This is supported for eSignal,

Of course an automatic analysis will only be realistic if enough

Specify here if your data file contains a comma or decimal

Sometimes the first lines of a data file contain information

Some ASCII files (like CQG) contain the data in reversed