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28
08/2012
www.tradersonline-mag.com
TRADERS´
TOOLS
F4)
DAX-Prognosis on 15th June 2012
According to the Elliott-Wave database the DAX has reached the ideal
area of a correction. The dark upper area gives some air before it should
go down again.
Source: www.elliottwaveforecaster.com
F5)
Intraday-Prognosis 15-Minute Chart
An example of a real-time prognosis. The picture shows the DAX with
a forecast of a downtrend of 90 points.
Source: www.elliottwaveforecaster.com
stocks. A menu bar is available
in the upper area and it can be
hidden as well. Here different
functions can be selected. Figure
4 shows the calculated forecast
with the highest probability of
a correct prognosis. On the left
of the price the “Advanced”-
bar has the highest score for
this scenario with 137.73. 629
different formations found – those
are shown in the lower bar as
“Patterns”.
You can choose the green
button and the calculation
process, which lasts several
seconds, is started. On the right
side of this button it is possible
to switch between the five best
calculations.
According to Elliott Wave
Forecaster the correction
movement of the DAX is nearly
at its end. The calculation shows
the end of the correction phase
on a time basis and on a price
basis. The ideal target is at the
area above 6400 points. If this is
correct, the DAX should test the
lows once more and afterwards
you can take positions. According
to the Elliott-Wave theory the
downtrend will continue then. The
target area is at 5300 points and
ends at the area of 3700 points
ideally.
But this does not match the
time target forecast.
According to the green ray off
the high you can see when the
low should be reached. And this
point in time has already passed.
Therefore you should use other
calculations as well to smooth the
picture. The longer the DAX stays
at the current level, the earlier the
adaption of the calculation will
occur.
Different “Powerpacks”
The free EoD-version offers
two so-called “Powerpacks”.
These are calculation data
for Elliott Waves – the first
can be used for stocks; the
second for Forex, indices and
futures. Additional data for
specific markets (the patterns
are generated by data that
are found in the respective
market) are available for a fee.
According to the developers
these should increase the
quality of the forecast. There
are three different types
available at cost from 697 to
997 USD:
• Forex Cash Edge with all
important currency pairs
• Stocks and Options Edge for
USA, Australia, India, Saudi
Arabia, UK and European
stocks
• Futures Edge for US futures
contracts
The different modules can be
activated from the menu after
purchasing them. In the free
version you can only use the
charting tool where you can use
simple drawing tools.
Another indicator plug-in can
be bought for 499 USD, as well
as a real-time module, with which
you can create intraday-analysis
using eSignal or Metastock real-
time data feeds. The developers
are planning further connections
to more brokers and data
providers. If you only want to
use the free data from the two
internet platforms you can create
Elliott Wave forecasts for free
and adapt them with your own
analysis techniques. If the user
wants to use further methods
of analysis within the chart, the
indicator plug-in needs to be
purchased.
Impression of the Signals
We used the program several
days intraday. The data feed
was eSignal On Demand. If you
install and set this feed, the Elliott
Wave Forecaster automatically
connects to the source. There
are different codes and therefore
the codes for the indices had to
be adjusted with the eSignal‘s
code. Only then did we start the
analysis.
The calculation starts anew
with every new candle and every
new bar in real-time mode.
Therefore in time frames less
than 15 minutes the forecasts
are constantly changing – and
this is not ideal for traders.
The 5-minute chart of the DAX
showed targets that changed