WaveMap: Elliott Wave & Fibonacci Targets(Mastersinnifty)Description
WaveMap: Elliott Wave & Fibonacci Targets is a multi-purpose wave analysis tool designed to identify Elliott Wave patterns, draw price projections, and display Fibonacci retracement levels directly on the chart. It combines pivot detection with pattern recognition to highlight potential impulse and corrective phases, along with probable future targets.
How It Works
Uses pivot highs and lows to detect swing points over a user-defined length.
Identifies basic Elliott Wave structures as Impulse Up, Impulse Down, or Corrective.
Calculates price targets based on typical wave relationships (e.g., 1.618× Wave 1 for Wave 3).
Plots Fibonacci retracement levels between the most recent swing high and low.
Displays projections for up to three potential future targets using dashed lines and labels.
Provides an information table showing current wave type, wave count, price, and trend bias.
Generates alerts when new wave highs or lows are detected.
Inputs
Wave Detection Length – Number of bars used for pivot identification.
Future Projection Bars – How far ahead projections are plotted.
Wave Sensitivity – Adjusts detection sensitivity for wave turns.
Show Wave Labels – Toggles the on-chart information table.
Show Future Projections – Enables/disables projection lines and targets.
Show Fibonacci Levels – Enables/disables Fibonacci retracement lines and labels.
Wave Lines Color – Color for wave connection lines.
Projection Color – Color for projected target lines.
Fibonacci Color – Color for Fibonacci retracement levels.
Use Case
Identify and visualize Elliott Wave patterns to assist in market structure analysis.
Plan trade entries and exits using projected wave targets.
Combine wave detection with Fibonacci retracement for confluence zones.
Track trend bias and momentum during live trading sessions.
Disclaimer
This script is for educational and informational purposes only. Elliott Wave and Fibonacci projections are subjective and should be used in conjunction with other forms of technical analysis. Past performance does not guarantee future results. Always perform your own research and manage risk appropriately before trading.
Correctivewave
Market Crashes/Chart Timeframes HighlightThis extremely helpful indicator allows you to highlight 7 custom date-based timeframes on your charts.
The default dates selected are what I consider to be the most significant 7 most recent market declines, including and since the 87 flash crash.
Note: The default dates are approximate but good enough to highlight the key timeframes of these pullbacks/crashes/corrections.
It's simple to use and does exactly what it should.
I created this indicator to make it easier when looking at the overall story of a chart. I found it helpful to highlight these areas to see how a market or equity has responded during these significant market pullbacks.
The highlight alone I’ve found helpful, and it becomes more powerful if you combine it with your own trusted trade system.
Also, to get the most out of using the default dates it’s important to understand the narrative behind each pullback/crash. Here’s the list of what I consider significant pullbacks:
Black Monday - Oct 87
1990s Recession - Jul 90 to Mar 91
Dot Com Bubble - 2000 to 2002 or so
Real Estate 2008 Crisis - I choose 2007-2009 to cover full insider knowledge and aftermath
2016 - 2018 - This isn't seen as a pullback, but I have it as significant because in many markets and equities, this was an almost equal percentage pullback as 2008. See Notes below
2020 Crash - Covid-19 and related shenanigans pullback
April 2021 to August 2022 - I believe we are in a current SHORT cycle so I've highlighted April 2021 as the start of what might be the start of a major decline testing Dot Com or lower levels.
A few notes on the above.
You'll find on most of the pullbacks listed above most equities and related markets behave similarly or have similar patterns.
The 2016-18 pullback is the most difficult to track. For instance, GE in this timeframe had a -80% decline, whereas BA depending on how you want to measure it had a 50-110% gain.
