Originally Posted by et_phonehome_2

Is the upper part of the chart showing the EW part of MT?

Originally Posted by FXSamurai

The best indicator I have found for showing Elliot waves, is the good ol' MACD I prefer it over various "Elliot Wave" oscillators that can be found, as it can be used in more different ways.

You just have to use the right setting for it. I found that the setting that works best is 5-34-21. See attached picture.

You can also use other settings, with higher or lower numbers, depending on what aspects of the waves you wish to bring out. And you may want to use other indicators to filter certain signals.

Bear in mind that there can still be whipwams, and that you have to make a final decision on what waves you're looking at, and where to entry/exit, using your own understanding based on usual Elliot Wave analysis.

I've included the standard MACD I use, and a template for it. I believe it's the same indicator as one of those found here.

I've also included a standard Elliot Wave oscilator (histogram), and the Elliot Wave "heartbeat", which is not all that useful, but kinda cute

Enjoy!