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But did you see that wave (e) on the second chart. That looks like a retrofit. As far as I remember (a),(b), (c),(d),(e) is used for flat triangles, but that triangle started trending up, and now retraced about 72% of the prior down swing. I am at least confused.
OK for that line in the middle. But that is classical technical analysis. I also carefully watch, whether swings overlap or don't overlap and the point where prior support becomes resistance is the key! But I do not need Elliot Waves to understand that.
The Elliott Oscillator is simply a modified MACD without the signal line. It measures the difference between two SMAs with period 5 and 34. I guess that a whole family of MACDs can be used for the same purpose. Actually there are better choices, as you can use more advanced moving averages to achieve this.
Basically, all these indicators show a divergence, which tells you that the trend has slowed down. You can get the same information from the chart directly by drawing a trend channel. The divergence will not appear when a parabolic move occurs, so the indie will only catch flat peaks and troughs.
