The Elliott Lines indicator has been commonly referenced in trading analytics as an extremely powerful tool. It
uses Fibonacci Theory in order to extrapolate existing and future Elliott Wave levels on stocks. This allows the
trader to see probable levels of support and resistance ahead of time - before the stock price actually reacts to
them. Using this indicator one can easily set effective price targets, entry levels, as well as stop losses.
We have created this indicator ourselves, as we have found that similar indicators from other services were
lacking in quality as well as quantity of symbols covered. The Market Prowler Elliott indicator supports over 300
Stocks, Index ETFs, Futures, and Forex Currency Pairs. We use Fibonacci theory to extrapolate future support and
resistance levels based off agreed upon historic Elliott Waves. Because of how the Elliott Lines are calculated, it
won't work on every stock. However the stocks that we support are extremely high volume and commonly traded
This indicator is updated regularly as applicable, and those who have purchased it will receive new versions as
soon as they are released.
Works with Futures, Forex
Currency Pairs, and Stocks
Supports Over 300
By purchasing a premium indicator you agree to the indicator terms and conditions. Once your payment is
confirmed you will be redirected to the indicator download page. This page will also feature instructions on how
to load the indicator into your trading platform.
Lifetime Access. No monthly
Oleg A. Pozhidaev. This must read book is the perfect starting point for aspiring
new traders who are ready to take their skills to up to the professional level. It
takes traders through a journey where we learn the basics first such as how to
read price charts or common candlestick patterns. That information is then used
as building blocks in order to serve as a foundation of knowledge for much more
effective and complex trade setups. Readers will learn specific trade setups
(including suggested stop losses and price targets), how those setups work, how
to look for them quickly, and how to use them effectively. The trade setups
provided in this book have been proven time and time again to produce reliable
and consistent profits from the stock market.
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So what are Elliott Lines? Well before we can answer that, we first need to take a step back and take a crash
course in Elliott Wave theory. Because understanding Elliott Waves at their most basic concept is essential to
understanding Elliott Lines.
Elliott Wave Theory 101
Elliott Wave Theory (also called Elliott Wave Principle) was developed by an accountant named Ralph Nelson
Elliott who lived from 1874 - 1948. Elliott discovered underlying social principles which allowed him to create his theory in
1930. Ever since then, Wall Street analysis have been using his work as the foundation for many forms of Technical
This principle states that as a collective, investor’s psychology will shift between optimism and pessimism in
natural - predictable intervals. These shifts in emotion create patterns which can be seen in the price movements of
markets at every single major trend line or time scale. Elliott believed that markets operate between fear and greed in a
series of waves which repeat themselves in an indefinite but predictable fashion.
The psychological explanations of why this works are fascinating, and many books have been written on the
subject, I highly encourage you to look deeper into it. For us though - we need to understand one thing about Elliott Wave
Theory, and it’s that markets move in a predictable pattern of 5 waves up, 3 waves down. Take a look at the chart below.
We have a total of 5 waves moving upwards, followed by the A, B, C waves which take stock price downwards.
Take a look at the 20 year chart of almost any company and you will easily see Elliott Waves forming within its price
action. We see the repetition of 5 waves up, 3 waves down happening indefinitely, in each timeframe.
These waves are also nested. This means that the “1” wave on a monthly chart will most likely consist of
smaller 1, 2, 3, 4, 5, A, B, C waves which can be viewed on the Daily chart for that same month.
Elliott Waves tell us how a markets move in cycles, and they do so very accurately, so they serve as the basis
and the foundation for Elliott Lines.
Taking the Waves Further: Building Elliott Lines
While Elliott Wave theory is extremely useful, one of its biggest criticisms and problems is that nobody ever
agrees on which wave count we are currently on for any given security. Analysts will argue where one says “we are on
Wave 3 of the monthly chart for AAPL”, while others think we are really on Wave B of the monthly chart, and a whole
different group of people will think that the market is currently on Wave 2 of the weekly chart - you can see how
The best way to use Elliott Waves is to turn them into Elliott Lines. You take past Elliott Waves - the ones that
everyone agrees on - and you use Fibonacci Theory to extrapolate future Elliott Wave levels from the previous
confirmed levels. This may sound confusing, but it is a very powerful tool in being able to predict future support and
resistance levels before they even happen. Using the Elliott Lines Indicator you will see something like this appear on
The nice thing about Elliott Lines is that they stay in the same place for years. They are not like Pivot Points
which change with every new month or year or week. Elliott Lines have always been there and always will be.
Calculating Elliott Lines using price action from as early as 1990 has resulted in the lines we see on our charts today.
These lines have been here for decades before price even reached this high in the stock. The interesting thing is that
even though the lines have been there for decades, the price still reacts to them like regular support and resistance
Think of Elliott Lines as your hidden secret. In trading, knowing where Elliott Lines are is like having the key
to the kingdom. New traders have no idea that these lines exist, but the experienced and professional traders are
constantly watching and preparing for price to run into these lines. They know exactly how price will react and they can
place trades based off secret hidden support and resistance levels, taking advantage of everyone else who doesn’t
know that the Elliott Lines are there.
How to Set Effective Price Targets
The whole point of Elliott Lines is to help us set effective price targets. Before we can do that we need to
understand what the different colors on these Elliott Lines mean. These colors are simply a representation of the
strength of that line when it acts as either a support or resistance level.
Red Lines - Also called “Fire Lines” - are the strongest of the three. They are very well set in and powerful
support and resistance levels. Sometimes price takes weeks and multiple attempts to break through a red line.
Green Lines - Also called “Tree lines” - are intermediate strength support and resistance levels. Price action will
not take as long to break through them as it did with our white lines - but nonetheless they will act as a force to be
White Lines - Also called “Snow lines” - are the weakest support/resistance levels of the 3 types of lines. While
they will not stop price action and cause a complete trend reversal, price will always react to white lines even if it is a
minor pullback, thus it is important to know where these lines are in relation to where price is.
To make a profitable trade we take the following steps:
· Find a squeeze trade that is firing off with a green dot after a series of red dots.
· Ensure that the TTM Wave complements your squeeze trade as appropriate.
· Only take trades where price action of a stock is in the middle of 2 Elliott Lines. (Does not matter what color the
lines are, price should be about half way between 2 Elliott Lines).
· Take the trade and set your price target at the next Elliott Line up (if you are shorting a stock, your price target will
be set at the next Elliott Line down from where price currently is).
· Your stop loss will be set just below the Elliott Line under where price action currently is, this way if the squeeze
fails and breaks this level of support, you get out of the trade quickly.
That’s really all there is to making consistent and reliable profits from the stock market. It is that simple. You look for
a squeeze that is firing off between two Elliott Lines, you set your price target at the same level that the Elliott Line above
price is, and you sit back and let the trade work itself out.
Going back through my trading history, I have learned that approximately 80-85% of the time when you conduct a
swing trade using this method the trade will do exactly as you expect and touch the next Elliott Line up. Price doesn’t
move randomly, it moves from Elliott Line to Elliott Line. To someone who can’t see these lines or may not know that
they are there, price action may appear random; however, to the trained professional price action is very predictable and
easy to take advantage of.
All you have to do to make money in the stock market is plan your trade well before you take it. Find a great setup,
and place an effective price target at the next line up. That’s the secret to success and what has worked for me
Examples of Elliott Line Squeeze Trades
On the daily chart for NFLX above, we had a squeeze fire off bullish just as price action was above a major red
(purple line in the updated indicator) Elliott Line at $95.18. When the squeeze fired off we saw that price was around
$96. Using the Elliott Line indicator we entered long on the trade buying shares, and we set our price target at the
$102.90 level - just below the $103.09 Elliott Line. We can see that 2 days later our price target was hit and our shares
automatically sold for a profit of $6.90 per share.
During early morning trading we saw a squeeze fire off on TSLA in a bearish manner. At this point price action was
around $229, slightly below the $229.59 Elliott Line. We saw this as an excellent shorting opportunity and decided to
take the trade. Shorting TSLA stock we set our price targets near the next Elliott line down from where - the $208.12
level. Just to be safe we set our price targets a little above the Elliott line at $207.80. This trade resulted in a profit of
$21.20 per share.
Day trading using a 30 minute chart we saw a great opportunity in AAPL. The price was just below the $117.38 line
and firing off a bullish squeeze. Using the same methods as mentioned above we bought AAPL stock getting in around
the $116 level (sometimes it’s a good idea to get into squeezes before they actually fire, this is discussed in the next
chapter). As soon as our shares were bought all we did was set our price target to $117.30 and wait. A few hours later
towards the end of the day we watched as price action moved upwards and hit our price target resulting in a profit of
$1.30 per share. This was a very easy and clean trade with little in the way of pullbacks. All we had to do was identify
an opportunity, plan our trade, and buy shares. The result was 1.1% return over the course of 4 hours. Compare that to
the people attempting to invest long term for an 8% return per year, and you’re beating their returns exponentially.