Elliott Wave [BigBeluga]

🔵 OVERVIEW
Elliott Wave [BigBeluga] automatically finds and draws an Elliott-style 5-wave impulse and a dashed projection for a potential -(a)→(b)→(c) correction. It detects six sequential reversal points from rolling highs/lows — 1, 2, 3, 4, 5, (a) — validates their relative placement, and then renders the wave with labels and horizontal reference lines. If price invalidates the structure by closing back through the Wave-5 level inside a 100-bar window, the pattern is cleared (optionally kept as “broken”) while key dotted levels remain for context.

🔵 CONCEPTS

• Reversal harvesting from extremes: The script scans highest/lowest values over a user-set Length and stores swing points with their bar indices.
  
• Six-point validation: A pattern requires six pivots (1…5 and (a)). Their vertical/temporal order must satisfy Elliott-style constraints before drawing.
  
• Impulse + projection: After confirming 1→5, the tool plots a curved polyline through the pivots and a dashed forward path from (a) toward (b) (midpoint of 5 and (a)) and back to (c).
  
• Risk line (invalidator): The Wave-5 price is tracked; a close back through it within 100 bars marks the structure as broken.
  
• Minimal persistence: When broken, the wave drawing is removed to avoid noise, while dotted horizontals for waves 5 and 4 remain as reference.
  

🔵 FEATURES

• Automatic pivot collection from rolling highs/lows (user-controlled Length).
  
• Wave labeling: Points 1–5 are printed; the last collected swing is marked b
  . Projected i
  & i
  are shown with a dashed polyline.
  
• Breaker line & cleanup: If price closes above Wave-5 (opposite for bears) within 100 bars, the pattern is removed; only dotted levels of 5 and 4 stay.
  
• Styling controls:
  Length (pivot sensitivity)
  Text Size for labels (tiny/small/normal/large)
  Wave color input
  Show Broken toggle to keep invalidated patterns visible
  
• Lightweight memory: Keeps a compact buffer of recent pivots/draws to stay responsive.
  

🔵 HOW TO USE

• Set sensitivity: Increase Length on noisy charts for cleaner pivots; decrease to catch earlier/shorter structures.
  
• Wait for confirmation: Once 1→5 is printed and (a) appears, use the Wave-5 line as your invalidation. A close back through it within ~100 bars removes the active wave (unless Show Broken is on).
  
• Plan with the dashed path: The (a)→(b)→(c) projection offers a scenario for potential corrective movement and risk placement.
  
• Work MTF: Identify cleaner waves on higher TFs; refine execution on lower TFs near the breaker or during the move toward (b).
  
• Seek confluence: Align with structure (S/R), volume/Delta, or your trend filter to avoid counter-context trades.
  

🔵 CONCLUSION
Elliott Wave [BigBeluga] systematizes discretionary wave analysis: it detects and labels the 5-wave impulse, projects a plausible (a)-(b)-(c) path, and self-cleans on invalidation. With clear labels, dotted reference levels, and a practical breaker rule, it gives traders an objective framework for scenario planning, invalidation, and timing.