Skip to main content
Track Wave counting
4 / 16
Search the archiveLibrary
Library

1995issue C081-4

Filtered swing ledger for MW pattern construction

A historical swing ledger locks a reversal-filter, carries one wave-label and one live-apex, and forms a rank-code only after five dated turning prices are retained. Wave-span and percentage change print only on the bar that ends the current designation.

  • Date, open, high, low, and close occupy the first five data fields, and a named reversal-filter cell, shown at 0.01, sets how far a contrary high or low must travel before the wave-label may flip.
  • The live-apex starts at the first high, then follows the running high of an upwave or the running low of a downwave, and resets when the wave-label changes.
  • Wave bookkeeping keeps the start date, the date the current live-apex was made, the last date the present wave-label still applied, the inception-price, and the ending-price written when the label flips.
  • Five mw-pattern-points are ranked inside that same set to form one rank-code. Wave-span and the percentage change from inception-price to ending-price print only on a bar that ends the current designation.
Entries in this reading3 entries
Current trackWave counting23 readingsPattern recognition48 readingsElliott wave analysis94 readings

What the ledger records

The construction is a dated swing ledger. It keeps a wave-label, one live-apex, and a short list of completed turning prices so a later rank-code can be rebuilt from the same fields.

Fields and the reversal-filter

Date, open, high, low, and close occupy the first five data fields. A named filter cell, shown at 0.01, is the reversal-filter: a named percentage applied to the live-apex so an opposing high or low must travel a stated distance before the wave-label may flip.

Wave-label and live-apex

An initial wave-label is set to up. Later bars keep that up or down wave-label unless a contrary high or low qualifies a switch.

The live-apex is the extreme of the wave still in force. It starts at the first high and thereafter follows the running high of an upwave or the running low of a downwave, resetting to the new extreme when the wave-label changes.

The direction-change-threshold

A direction-change-threshold is the live-apex scaled by one minus the reversal-filter during an upwave and by one plus the reversal-filter during a downwave. That level is used as the mark that would confirm a new designation.

Bookkeeping across a label change

Wave bookkeeping records a start date carried from the prior apex date, the date the current live-apex was made, the last date the present wave-label still applied, an inception-price taken from the prior apex, and an ending-price written when the wave-label flips.

The inception-price is the apex value that begins the newly designated wave and is held until the wave-label changes again. The ending-price is the last apex value written when the market leaves the current designation.

Five turning prices and the rank-code

The latest live-apex is stored as the first of the mw-pattern-points. Each completed wave-label change shifts prior apexes back so the second through fifth most recent turning prices remain available.

Those five turning prices are ranked within the same five-value set and joined into one rank-code. The rank-code concatenates how those five apexes rank against one another, encoding which turning prices stand higher or lower, and it represents the current MW configuration.

What prints when a designation ends

Only on a bar that ends the current designation does the construction report wave-span: net working days from the wave start date to the date the live-apex printed, with an optional holiday argument. The same completed bar also records the percentage change from inception-price to ending-price.

Educational research material, not investment advice. Historical source context does not establish present-day performance.
4 of 16 in the Wave counting track
20031-3 pp.Next on Wave countingThree ratio tests from a completed supercycleThe April 2002 DJIA chart treated the 1932 low to the January 2000 high as a completed five-wave supercycle, with cycle-degree waves 1 through 5 overlaid.
All readings on this track · 16 readings
  1. 1991Wave counting as a sampling frame for head and shoulders
  2. 1995Constructing a percent-reversal wave filter
  3. 1995Filtered waves, overdue duration, candles, and trend
  4. 1995Filtered swing ledger for MW pattern construction
  5. 2003Three ratio tests from a completed supercycle
  6. 2004Wave labels as a checklist for expansion versus contraction
  7. 2010Constructing wave-ratio signals from a quadratic trend filter
  8. 2011A temporary placeholder while source evidence is loaded
  9. 2011Construct a harmonic impulse from measured three-wave limbs
  10. 2012Three Fibonacci rules to label trend versus countertrend
  11. 2013Sentiment wave counts before news headlines
  12. 2013Constructing a 1-2-3 wave count from high-low zigzag swings
  13. 2013Step candle confirmations with wave count and chandelier exit
  14. 2016Nested wave rhythms and double-bottom support
  15. 2016Nested correction-size bands and a derived support price
  16. 2020Counting a Nasdaq correction before stacking Fibonacci targets
By fieldWaves and ratios90 readingsBy year199575 readings
All 23 readings tagged Wave counting
Also on Wave counting5 readings
2011A three-peaks-and-a-domed-house chart is not a complete timing model1995Constructing a percent-reversal wave filter2001Impulse-wave subcounts as a case-study filter2003Three ratio tests from a completed supercycle2004Testing a 1987 stock and gold analog by wave degree