(193) NEW TIPS & HINTS
Have you tried to apply NEoWave concepts to hourly charts? Would those charts provide a good foundation for insight into daily price action?
A decade after I wrote my book Mastering Elliott Wave, I realized the “bottom up” process of analysis described therein was NOT the best approach for accurate, long-term consistent results.
In the last 2 decades, I’ve come to realize the greatest coherence of analysis on all time frames is achieved when you begin your analysis from the largest time frame and work your way down – in the process, making sure each lower time frame agrees with the Wave structure and outlook of the larger.
So, to answer your question, I do not use smaller time frames to confirm larger but larger to direct the Wave structure and outlook of smaller time frames. Lastly, because NEoWave has so many more rules than orthodox Elliott Wave, I do NOT recommend attempting to apply it on intra-day charts in real time. It is too easy to forget or misapply a rule during active market conditions.
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