OPEN-SOURCE SCRIPT
Elliott Structure Pro RC [Gabremoku]
Elliott Structure Pro RC [Gabremoku] is a market structure and wave-mapping overlay designed to detect candidate Elliott impulse patterns using pivot logic, ZigZag structure, validation rules, invalidation levels, and projected Fibonacci targets.
This script does not claim to produce definitive Elliott Wave counts. Instead, it scans recent pivot structure and highlights the most coherent bullish or bearish candidate sequence based on alternating swing logic, structural progression, and optional Elliott validation filters. That framing is important because Elliott Wave interpretation is inherently subjective, while the classic impulse model still relies on a few widely accepted structural rules.
What it shows
🔺 ZigZag market structure — the script builds a cleaned pivot path from swing highs and lows, filtering out smaller fluctuations to make structure easier to read. ZigZag-style logic is commonly used to reduce chart noise and highlight meaningful turning points.
🏷️ HH / HL / LH / LL tags — every pivot can be classified into higher high, higher low, lower high, or lower low structure, helping the user read trend progression directly from price swings.
🌊 Candidate Elliott 1–5 sequence — the script scans recent pivots and searches for the best bullish or bearish 5-wave impulse candidate.
❌ Invalidation tracking — once a candidate is found, the script projects an invalidation level and can flag when the structure has been broken.
🔤 Optional ABC correction — after a 5-wave sequence, the indicator can also look for a basic A-B-C corrective continuation.
📏 Fibonacci projections — projected target levels for Wave 3 and Wave 5 are plotted using configurable Fibonacci multipliers. Fibonacci extensions are commonly used in Elliott analysis to estimate probable Wave 3 and Wave 5 zones.
🪧 Dashboard — shows state, mode, pivot count, direction, validation strictness, ABC status, broken structure state, and target visibility.
Core logic
The script begins with pivot highs and pivot lows, then compresses them into a cleaner alternating sequence. From there, it builds a structural map and scans the most recent pivots to find a valid 6-point sequence that can represent a 5-wave bullish or bearish impulse candidate.
In practical terms, it combines:
market structure
ZigZag logic
Elliott candidate matching
rule-based validation
invalidation and target projection
That makes it useful as a structure-reading tool first, and an Elliott helper second.
Validation model
The script offers two operating styles:
Semplificato
Avanzato
In simplified mode, the indicator focuses more on structural coherence and swing progression. In advanced mode, it can apply stricter Elliott-style validation rules such as:
Wave 3 not shortest
Wave 4 no overlap with Wave 1 territory
invalid candidate marking when rules are not respected
Those rules align with widely cited core Elliott impulse rules. In standard impulse structures, Wave 3 may not be the shortest of Waves 1, 3, and 5, and Wave 4 should not overlap Wave 1 territory except in special formations such as certain diagonals.
Fibonacci targets
The indicator also projects two practical target references:
Wave 3 target
Wave 5 target
In Elliott analysis, Wave 3 is often projected using Fibonacci expansion of Wave 1, with 1.618 being one of the most common reference ratios, while Wave 5 is often estimated from prior impulse relationships or partial trend expansion logic.
Your script uses configurable multipliers, which is a good choice because different markets and timeframes can produce different expansion behaviors.
How to use
A practical workflow is:
Let the script identify the active pivot structure.
Check whether the chart is printing HH/HL or LH/LL logic.
Watch for a highlighted bullish or bearish 1–5 candidate.
Use the invalidation level to judge whether the count remains structurally valid.
Use projected Fib targets as reference zones, not guaranteed endpoints.
If enabled, monitor whether a simple ABC correction starts forming after the impulse.
This is best used as a decision-support overlay, especially for traders who already read market structure and want an automated way to visualize possible wave candidates.
Features
✅ Pivot-based market structure engine
✅ ZigZag overlay with configurable sensitivity
✅ HH / HL / LH / LL classification
✅ Candidate bullish and bearish Elliott impulse detection
✅ Simplified or advanced scan mode
✅ Optional strict Elliott validation
✅ Wave 3 not shortest filter
✅ Wave 4 overlap validation
✅ Broken-structure detection
✅ Invalidation level plotting
✅ Optional ABC correction detection
✅ Fibonacci Wave 3 / Wave 5 projections
✅ Dashboard and optional bar coloring
✅ Gradient-based swing visualization
Notes
This indicator is designed to identify candidate Elliott structures, not to replace discretionary wave analysis. Elliott interpretation is partly rule-based and partly interpretative, so projected counts and targets should always be confirmed with broader market context, price action, and risk management.
Author: Gabremoku
Pine Script v6
This script does not claim to produce definitive Elliott Wave counts. Instead, it scans recent pivot structure and highlights the most coherent bullish or bearish candidate sequence based on alternating swing logic, structural progression, and optional Elliott validation filters. That framing is important because Elliott Wave interpretation is inherently subjective, while the classic impulse model still relies on a few widely accepted structural rules.
What it shows
🔺 ZigZag market structure — the script builds a cleaned pivot path from swing highs and lows, filtering out smaller fluctuations to make structure easier to read. ZigZag-style logic is commonly used to reduce chart noise and highlight meaningful turning points.
🏷️ HH / HL / LH / LL tags — every pivot can be classified into higher high, higher low, lower high, or lower low structure, helping the user read trend progression directly from price swings.
🌊 Candidate Elliott 1–5 sequence — the script scans recent pivots and searches for the best bullish or bearish 5-wave impulse candidate.
❌ Invalidation tracking — once a candidate is found, the script projects an invalidation level and can flag when the structure has been broken.
🔤 Optional ABC correction — after a 5-wave sequence, the indicator can also look for a basic A-B-C corrective continuation.
📏 Fibonacci projections — projected target levels for Wave 3 and Wave 5 are plotted using configurable Fibonacci multipliers. Fibonacci extensions are commonly used in Elliott analysis to estimate probable Wave 3 and Wave 5 zones.
🪧 Dashboard — shows state, mode, pivot count, direction, validation strictness, ABC status, broken structure state, and target visibility.
Core logic
The script begins with pivot highs and pivot lows, then compresses them into a cleaner alternating sequence. From there, it builds a structural map and scans the most recent pivots to find a valid 6-point sequence that can represent a 5-wave bullish or bearish impulse candidate.
In practical terms, it combines:
market structure
ZigZag logic
Elliott candidate matching
rule-based validation
invalidation and target projection
That makes it useful as a structure-reading tool first, and an Elliott helper second.
Validation model
The script offers two operating styles:
Semplificato
Avanzato
In simplified mode, the indicator focuses more on structural coherence and swing progression. In advanced mode, it can apply stricter Elliott-style validation rules such as:
Wave 3 not shortest
Wave 4 no overlap with Wave 1 territory
invalid candidate marking when rules are not respected
Those rules align with widely cited core Elliott impulse rules. In standard impulse structures, Wave 3 may not be the shortest of Waves 1, 3, and 5, and Wave 4 should not overlap Wave 1 territory except in special formations such as certain diagonals.
Fibonacci targets
The indicator also projects two practical target references:
Wave 3 target
Wave 5 target
In Elliott analysis, Wave 3 is often projected using Fibonacci expansion of Wave 1, with 1.618 being one of the most common reference ratios, while Wave 5 is often estimated from prior impulse relationships or partial trend expansion logic.
Your script uses configurable multipliers, which is a good choice because different markets and timeframes can produce different expansion behaviors.
How to use
A practical workflow is:
Let the script identify the active pivot structure.
Check whether the chart is printing HH/HL or LH/LL logic.
Watch for a highlighted bullish or bearish 1–5 candidate.
Use the invalidation level to judge whether the count remains structurally valid.
Use projected Fib targets as reference zones, not guaranteed endpoints.
If enabled, monitor whether a simple ABC correction starts forming after the impulse.
This is best used as a decision-support overlay, especially for traders who already read market structure and want an automated way to visualize possible wave candidates.
Features
✅ Pivot-based market structure engine
✅ ZigZag overlay with configurable sensitivity
✅ HH / HL / LH / LL classification
✅ Candidate bullish and bearish Elliott impulse detection
✅ Simplified or advanced scan mode
✅ Optional strict Elliott validation
✅ Wave 3 not shortest filter
✅ Wave 4 overlap validation
✅ Broken-structure detection
✅ Invalidation level plotting
✅ Optional ABC correction detection
✅ Fibonacci Wave 3 / Wave 5 projections
✅ Dashboard and optional bar coloring
✅ Gradient-based swing visualization
Notes
This indicator is designed to identify candidate Elliott structures, not to replace discretionary wave analysis. Elliott interpretation is partly rule-based and partly interpretative, so projected counts and targets should always be confirmed with broader market context, price action, and risk management.
Author: Gabremoku
Pine Script v6
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.