The State of the Trend
In his article about the use of moving averages for improving your wave pattern identification skills, Jeffrey Kennedy shows how effective this simple tool can be in identifying Elliott waves. This is precisely the kind of out-of-the-box thinking that inspired the development of OT Fibonacci.
The whole purpose of the app is to assist traders in their EW count and classification. This is done via a couple of simple and intuitive tools which, as an added bonus, are automatically applied to the security and timeframe of your choice.
Let's use the SPY two-year weekly chart as an example. Looking at the price line and coming up with a clear wave count could prove challenging for experienced and novice ellioticians alike. As often is the case with live examples, everybody is entitled to their own count, and I'm not going to mess with any wave labeling. Once the trend indicator is added (blue line in top chart panel), however, it becomes obvious, even to the naked eye, that the index has completed either two or three waves up since the October '11 swing low. That's the benefit of eliminating the random noise from daily and weekly price fluctuations. In addition, you also get an idea of where price is most likely headed in the near term:
The wave count is further clarified by the Swing indicator in the bottom panel, which identifies three up swings (green lines), separated by three corrective waves (short sequences of alternating red and green lines). In other words, the Swing indicator not only helps with the wave count, but assists in determining the character of the wave (impulsive [motive] or corrective) as well.
An integral part of EW analysis is the application of Fibonacci numbers and ratios, which are included in the app. OT Fibonacci automatically selects the date and price of the swing high/low for the selected time period and applies all the relevant calendar and price extensions and retracements. It even comes with a section on Lucas and Prime numbers.
In summary, if you're looking for unbiased assistance with your wave count, help is just a tap away.