This screen finds the first four waves of an upward Elliott impulse: two advances, a pullback, and the fourth-wave pullback. Elliott Wave theory, developed by Ralph Nelson Elliott, holds that trends move in five impulse waves in the direction of the trend, followed by three corrective waves, labeled A, B and C. Here the waves are taken from ZigZag swings, which filter out minor price moves. After wave four, traders look for the fifth and final upward wave, which often makes a new high.
