RET has a market scanner now

This is a Beta version, but if you have the RET software, you should be able to downloaded now. Here is what I received by e-mail from Elliottician.com:

"We have released a new beta upgrade for Refined Elliott Trader that includes the long-awaited Market Scanner. You no longer need to manually scan markets for ZigZag Wave C Patterns. Simply give RET a list of markets to scan, hundreds or even thousands of markets, and set RET to work finding ideal setups for you."

Here is another important question I received in the private blog from our friend "Happy trade"

Happy Trade said...
For RET, how do you choose the period? 180 days ? 500 days or all ? I understand you will start from all first but if we only trade short term (1-2 months), do we need to scan it by weekly for 5 years? Or do we simply find the lowest point of the channel and do the analysis? currently i am using RET (trial free for 1 week) and try to analysis the probability and profitabilty of RET? Anyone can help?

Here is what I replied:

Juan Sarmiento said...
Happy, if you choose an arbitrary number of days, you are not doing Elliott wave analysis, as simple as that.

You need indeed go back to the most recent swing point, which could be when a trend was broken, and then do the zigzag analysis.

Because the Elliott wave analysis is based on fractal theory (the patterns are repeated at different magnitudes), you could find zigzag pattern in any time frame.

Swannelle's most recent research show that the zigzag pattern is highly probable, so you don't need to do the complete analysis, from the stock's IPO. I would always do the complete analysis in stocks I own for the longer term (I currently own no stocks), or in stocks that I trade frequently (i.e. goog, aapl, for example).

BTW, the method described in my DVD Disk 1, will find swing points, but you need to go back to the previous swing to start the analysis from. You need to recognize an impulse and a correction, with your own eyes, then confirm the count using RET.