Now that you have watched the Elliott Wave Basics video you know what 1-2-3-4-5 and A-B-C denote in the direction of a trend. But not everyone wants to be an Elliottwave counting expert. The purpose of that video was to make you smart enough to understand my posts that use these labels to explain the trend. Or to know when someone else posts an illogical wave count. But one thing that you can easily do is calculate support resistance and target levels for anything with a price using this Elliottwave calculator that I designed based on the guidelines for Fibonacci projections in the book Elliottwave Principle. You put in the numbers denoting the highs and lows and Voila! you get the results up front. This is a free tool for everyone. Use Share and Enjoy it.
Here is my Excel Elliott Wave Fibonacci calculator. It is easy to use as you can simply Put in the starting point of the wave at zero and wave 1 high value in the box for 1 and you get all the possible retracements for wave 2. Then put in wave 2 low value to get all the levels for projections for wave 3. This is what I do on my charts while giving directional levels. I have included flat, expanded flat and triangle patterns as well.
Download the EW Fibonacci Calculator here. Fibonacci EW Calculator
A simple tool to draw a Map of where things might be headed.
New to using Fibonacci retracements? Do not worry,
I did a Video Tutorial for you here https://youtu.be/3Zmmpxt4ZPo .