When you are just learning something I think it is best not to perform it on a live chart right away. You will most likely still be grasping concepts and run a high risk of failure and frustration.
That being said, here are some basic applications of using Elliot wave measurements on something that's happening now. The 4 hour time frame is wide enough where you are capturing a majority of the forest, but still seeing details.
What's the plot today?:
The plot here is that there was a bullish monowave, a retracement of that monowave resulting in nondirectional movement, the nondirectional movement then stayed above important retracement levels and has now ended by breaking above important extension levels. If that is the same story you came up with then we are both on the same page, and with a little luck, doing something right.
You could say "what are you doing calling an impulse on a 4 hour time frame a monowave?" You'd be right, but calling it a poliwave doesn't lighten the cognitive load considering where price is currently so I'm sticking with monowave for simplicity's sake.
That being said, here are some basic applications of using Elliot wave measurements on something that's happening now. The 4 hour time frame is wide enough where you are capturing a majority of the forest, but still seeing details.
What's the plot today?:
The plot here is that there was a bullish monowave, a retracement of that monowave resulting in nondirectional movement, the nondirectional movement then stayed above important retracement levels and has now ended by breaking above important extension levels. If that is the same story you came up with then we are both on the same page, and with a little luck, doing something right.
You could say "what are you doing calling an impulse on a 4 hour time frame a monowave?" You'd be right, but calling it a poliwave doesn't lighten the cognitive load considering where price is currently so I'm sticking with monowave for simplicity's sake.