Challenge I have with the Zig-Zag indicator is you can not trust the final leg until it is completely formed and that requires future data to establish that leg,... All the past legs were also formed based on information needed for that leg which required future data,... Thus the legs look really good once they are formed and look like they were formed exactly as they appear,... not true,.. In short, you can never rely on the Zig-Zag indicator to give you an accurate final position on the most current bar.
As far as using the Zig-Zag indicator for waves and wave count, I would say it is useful as it does give you a consistent technical set of waves which is better then trying to draw them in yourself which is then more based on judgement,... But again, the final leg is still non-predective until it is finally formed with future data. I do not use Elliot Wave for trading as I see too much of the move lost in the forming of the wave,... Elliot Wave count is also using Fibanacci Series to count the waves in wave count series, so it can be an appropriate series to use. I use Pitchforks and find them to have a greater then 50% predictive value,... For me, above 80% when I use them on large Indexes,... I took the time to understand how they are formed and as I learned how they are formed and why they work, it also boosted my confidence in their use,... As they are Market Geometry I do not trade on them alone, but as confirmation along with other trading signal indicators. ----- Original Message ----- From: sourav To: [email protected] Sent: Sunday, August 18, 2013 6:57 AM Subject: [EquisMetaStock Group] Re: Metastock zig zag indicator Thank you for your reply.Very astute and observant of you. I never thought about it like that. But the million dollar question is---Does it work? I'd like your opinion. Regards, Dr.Chatterjee --- In [email protected], "Bill Hebert" <billhebert@...> wrote: > > He is simply just using the Fibanocci series numbers,... 2,3,5,8,13,21,34,55,89 etc... and also using 1 and not 2 as the first number for the Zig-Zag > > ----- Original Message ----- > From: sourav > To: [email protected] > Sent: Wednesday, August 14, 2013 7:20 AM > Subject: [EquisMetaStock Group] Re: Metastock zig zag indicator > > > > > Dear Sir, > > Thank you for replying. Your statement makes sense if the parameters you suggest is set at 8%,5%,3%,1% corresponding to intermediate, minor, minute and minuette degree of waves. Thank you once again. But I do not trade intraday and am mostly interested in waves of Intermediate (which you have given),primary,cycle,super cycle > degrees. Do you have parameters for these? > > Also may I ask the source for these Zig zag indicator parameters? Is it a one different from the one in the Alpha Omega Elliott manual? You see I wish to confirm the AOZZ indicator readings with the Zig Zag indicator.Thus my interest in an independent source of parameters. > > Regards, > > Dr.Chatterjee > --- In [email protected], parama guru <prmguru@> wrote: > > > > > > > >  SET parameters 0.3, 0.5, 0.8, 1 > > > >  > > your, > > M.PARAMAGURUPARAN > > > > > > ________________________________ > > From: sourav <sournila@> > > To: [email protected] > > Sent: Monday, August 12, 2013 11:40 AM > > Subject: [EquisMetaStock Group] Metastock zig zag indicator > > > >  > > > > Could someone please tell me the parameters (in percentage) for the Metastock Zig Zag indicator for identifying Elliott Waves of various (eg Primary, Intermediate, Minor) degrees? > > > > Mr. Robert Tasse in his Metastock Add on Alpha Omega Elliott Waves gives the parameters for a similar indicator AOZZ as 34%,,21%,13% 8%,5%,3% and 1% I would like to confirm this indicator with the Zig Zag indicator. > > > > Regards, > > > > Dr.Chatterjee > > >
