ABC patterns

Robert Brain (Brainy)

   Significant as in a valid wave C is greater than the 1st wave of  1,2,3,or with(4),or with (5), as is the case with AUS200 at the moment.  Wave C has completed and may now be back to new wave A which could from another ABC in the opposing direction.
Not wanting to get too complicated with this.. I'll have a go at making a basic ABC finder over the next few days.

Edited by maximo - 26 Jun 2009 at 3:01am

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maximo Members Profile Send Private Message Find Members Posts Add to Buddy List BullCharts Guru Joined: 02 Sep 2006 Location: Australia Posts: 232	Post Options Post Reply Quote maximo Report Post Quote Reply Posted: 26 Jun 2009 at 2:56am
	Significant as in a valid wave C is greater than the 1st wave of 1,2,3,or with(4),or with (5), as is the case with AUS200 at the moment. Wave C has completed and may now be back to new wave A which could from another ABC in the opposing direction. Not wanting to get too complicated with this.. I'll have a go at making a basic ABC finder over the next few days. Edited by maximo - 26 Jun 2009 at 3:01am

jalna Members Profile Send Private Message Find Members Posts Add to Buddy List Regular Joined: 31 Mar 2007 Posts: 95	Post Options Post Reply Quote jalna Report Post Quote Reply Posted: 26 Jun 2009 at 2:46pm
	Hi maximo, this is the abc paaterns i waas talking about. Usually A and the C are the same length. I'm trying to upload a chart but not getting anywhere. I saved my chart onto desk top as a jpeg but it tells me its the wrong type when I try and upload it : (

maximo Members Profile Send Private Message Find Members Posts Add to Buddy List BullCharts Guru Joined: 02 Sep 2006 Location: Australia Posts: 232	Post Options Post Reply Quote maximo Report Post Quote Reply Posted: 28 Jun 2009 at 3:32am
	It may only allow posting of .GIF type images. Here's a freebee that converts to practically any format. http://www.irfanview.com/

rbbrain Members Profile Send Private Message Find Members Posts Visit Members Homepage Add to Buddy List BullCharts Staff Joined: 22 Jul 2006 Location: Melbourne Posts: 173	Post Options Post Reply Quote rbbrain Report Post Quote Reply Posted: 01 Jul 2009 at 1:47pm
	Hi all, Of course, writing a Scan in BC is usually fairly easy if you can clearly write down the search criteria - then you just need to convert it into the scan criteria. My experience with Elliott Wave is that wave counting and determination is very subjective. And two people can easily come up with different results. That is, it is not easy to write down set criteria that would describe the price pattern we are looking for. If we could write it down, then the problem might be mostly solved. On a similar topic - I have already asked the BC staff to create one new Line Study Tool to go on the Line Studies toolbar - Elliott Wave tool - just like a zig zag line (or the existing Swing Trendline tool), but include all relevant Elliott Wave labels as optional labels. Brendon has noted this and will do one day. It will certainly help us to label our waves (unless someone already has a very neat tool to do this?) Brendon might schedule this pgming change faster if more people ask for it? Cheers
	Robert Brain (Brainy) Convenor - Australian BullCharts User Group Brainy's Share Market Toolbox and BullCharts Tips [/CENTER

maximo Members Profile Send Private Message Find Members Posts Add to Buddy List BullCharts Guru Joined: 02 Sep 2006 Location: Australia Posts: 232	Post Options Post Reply Quote maximo Report Post Quote Reply Posted: 01 Jul 2009 at 9:18pm
	Hiya's I think if you go on the last 4 waves of the chart that is a start. Using zig-zag does require adjustment like many indicators. For example an ABC on AED would not be found unless you adjusted the zig-zag retracement to 20%, while many others are found when the setting is just 7%. A confirmation of a next wave up would be that percentage + Low price of wave C., though just because an indicator turns does not mean the stock will. Anyhow I have done a chart to show what I mean. Further confirmation could be with the use of other indicators. The indicator I used is here, but not complete.. as brainy said determining waves is subjective. [target=Price] lookback:=input("Lookback",50,50); size := input("Zig zag % change",7,0); z := zigzag(Close,size,%); ispeak := z>hist(z,1) and z>future(z,1); istrough := z<hist(z,1) and z<future(z,1); start:=barnumber > lastvalue(barnumber) - lookback; [linestyle=Solid; color=dodger blue; width=2] if(start,z,undefined); [color=Blue] [linestyle=Text; textalign=Above,Center] if(isPeak and start, "Peak " + z, undefined); High; [linestyle=Text; textalign=Below,Center] if(isTrough and start, "Trough " + z, undefined); Low; Edited by maximo - 01 Jul 2009 at 9:23pm

jalna Members Profile Send Private Message Find Members Posts Add to Buddy List Regular Joined: 31 Mar 2007 Posts: 95	Post Options Post Reply Quote jalna Report Post Quote Reply Posted: 02 Jul 2009 at 6:06pm
	Well done Maximo. I have tried a few runs 7% and have NUF and MPO that fit the bill and going to keep an eye on. Not that they fit into EW but have a nice ABC pattern Thanks again, heaps