Elliott Wave Pattern Detection with Multi-Scale Zigzags and Fibonacci Levels

Summary

This chart indicator searches for Elliott Wave structures using three configurable ZigZag lengths. It tracks pivot highs and lows, updates swing points as new pivots appear, and tests sequences of alternating moves against rules for five-wave impulse patterns. The script also identifies corrective A-B-C structures and draws labels and lines to display its current wave interpretation. Users can choose which price inputs define pivots and whether to show the underlying ZigZag paths.

For a detected wave, the indicator can plot configurable Fibonacci retracement levels and a shaded zone, then change their appearance when price breaches a defined level. The code is an implementation of rule-based chart analysis, not a trading strategy or a test of predictive value. Pivot confirmation arrives after subsequent bars, and swing or wave interpretations can evolve as new data appears. The supplied document is truncated, so some pattern rules and display behavior cannot be fully assessed; it reports no accuracy or profitability evidence.

Key ideas

• Three ZigZag scales provide separate pivot sequences for identifying candidate wave structures.
• The script checks pivot relationships to label five-wave impulses and corrective patterns.
• Configurable Fibonacci retracement levels visualize potential wave pullback zones.
• Pivot-based readings can change as later bars confirm or update swing points, and no predictive performance is reported.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.