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Take a look at a screenshot and program explanation.

Many features are included with the Basic module, which makes it an excellent choice as a charting program to begin with .It does not end there, because it is the only software that includes Elliott wave tools as well.

  • Many charting types, like candle sticks, bar chart, line chart and more
  • Lots of indicators, like RSI, MACD, Elliott Oscillator, Williams alligator indicators, MA, Bollinger bands and so forth
  • Trading simulation. Manually you can tell to buy or sell and test your strategy. The software tells you exactly how profitable your strategy is.
  • easily label the Elliott waves in your chart, have them checked by the software and save your scenarios.
  • unparalleled educational value, every pattern, rule can be inspected, which finally makes the Elliott Wave transparent.

Ofcourse this Basic module can easily be upgraded with other modules (Intraday, Automatic, Trading Signals, Target Clusters, Scanning, Scanning Professional, Real time datafeed) whenever you like.

ELWAVE, a Windows based software program by Prognosis Software Development, has been specially designed for investors to apply the "Elliott Wave Principle" successfully. You can tell the software to do it for you automatically, if you have also the Automatic module, or you can do the counting yourself to be in complete control. However, in practice you, even if you are an expert, you will still be eager to use the Automatic Elliott engine as well.

Not only will ELWAVE help you to unravel the Elliott Wave, it is also fun to use!

Technical information:

ELWAVE is available for Windows 95/98/XP/2000 and Windows NT 3.51 (or higher). The Windows and NT version is truly object oriented with a 32 bit design for fast and more stable performance.


Key Features of ELWAVE Basic


We have given a lot of time and effort to implement the Elliott Wave, designing it as user friendly as can be. ELWAVE integrates charting with the Elliott Wave Principle providing the following features:

Labeling of waves
The Elliott Wave analyst will track the waves in a structured way and label them accordingly. The labels appear on the chart ranked by wave degree and will be clearly visible in the appropriate proportions at the right spot at all times, also when using the zooming facilities.
Wave detail can be adjusted to see more or less wave degrees in the chart. When new data has been loaded only new labels need to be added to a scenario. Using "drag and drop" techniques makes it real easy to label the waves or change the labeling.

Labeling waves results in scenarios. An unlimited number of scenarios can be defined and saved for the same chart data. These scenarios can be compared and changed. When a scenario is no longer "preferred" it can easily be replaced.
These scenarios can be saved along with the screen layout, for instance other charts on the screen, the trendlines, spirals, active indicators etc.

As soon as waves have been labeled, you can draw channels automatically, just by dropping them on a wave label. If for instance you drop it on wave label 3 a trendline will be drawn from wave 1 to wave 3 and a parallel line starting at wave 2. Dropping the channel object on other wave labels will create the appropriate channel.

Fibonacci ratios
By selecting the wave label you can calculate the Fibonacci price relationship of the selected wave degree and the underlying waves at once. A "Fibonacci thermometer" indicates how hot this labeling is and in what section improvement is possible. Repositioning the wave labels changes the ratio calculations automatically, which makes it possible to search for better scenarios.

Price targets and Target bars
Price targets can be calculated by selecting wave labels and choosing the "Quicktarget" command. The clusters of price targets will be displayed in the chart immediately, which visualizes the clustering of targets and thus the best wave count. Using the Check Wave Count to analyse your own wave count will display the target bars in the chart automatically.
Moving the wave label to another position will also move the price targets as well as other objects that are connected to this wave label. Also price targets can be determined with Fibonacci ratios, trendlines and spirals.

You can add logarithmic spirals to your chart anywhere you like. You can adjust these spirals to try to fit them to a pattern you have discovered. In addition you can drop spirals on wave labels to position them automatically.

Validation of wave counts by checking rules and guidelines
This analyses the wave count you have defined for a price chart and it will give feedback on the validity of the count.
ELWAVE first evaluates numerous specific Elliott Wave rules to determine if rules have been broken and to classify the appropriate patterns for every wave. Next it will check all guidelines to see which guidelines have been met or broken in order to give some insight in the probabilities of the wave count. Once the analysis has been done, which takes a split second, you can inspect each pattern found. It will be very easy to cruise the chart with the help of our "Wave tree", which gives a visual presentation of all defined wave degrees.
Clicking on a wave label in the wave tree will zoom in on the appropriate section in the chart, show the connected fibonacci ratios, and reveal which rules and guidelines have been met or broken in an orderly manner. This is the forerunner of the "Automatic Analysis" where ELWAVE does the preliminary work as well.

Projecting patterns in the chart to forecast prices
Using the Wave inspector you can show a pattern in the chart of all defined patterns by just clicking on the pattern. This way you can easily compare the fit of the pattern with the actual price development or you can project a pattern to forecast a future price development.

Elliott Wave Swing filter
This proprietary swing filter discovers the major turning points on all wave degrees!

B. Technical analysis

The most common needs for technical analysis have been included in ELWAVE, mainly to support Elliott Wave analysis. Among others ELWAVE has the following features;

Price charts
On intraday, daily, weekly and monthly basis, with "zooming", possibility to load 60.000 lines of data (unlimited using ASCII files, depending on internal memory and/or hard disk), line charts and bar charts, intelligent scaling, the possibility to compare several charts at the same time and saving these screens or layouts.
In the intraday version it's possible to zoom in from the big picture to for example hourly, to 15 minute, 1 minute and tick by tick.

Volume and indicators
It is very easy to access these indicators, because they can be put in a tab, which only has to be clicked once with the mouse to display the indicator.

Trendlines and channels.
Trendlines and channels can be put anywhere as well in charts as in indicators. If you wish, the trendline will be snapped to a relevant low or high in the chart. This can be done in a intuitive way by pointing and clicking the mouse.


ELWAVE basic only reads end of day data. The intraday module reads intraday data as well, so using this version you can inspect your daily or intraday charts down to every tick. The intraday version also supports a real-time data feed using a so called DDE link, if supported by your data vendor. The fact that ELWAVE can read extremely large data files is very convenient for intraday data. It allows you to zoom in from the big picture to the smallest detail.


System requirements

Minimum requirements

486 Processor or Higher

8 MB Ram

20 MB Free hard disk space

CD ROM drive

Windows or NT 3.51 or higher


Processor as fast as can be


1 GB Free harddisk space

CD ROM Drive

Windows or NT 3.51 or higher