hey amory.... ok now i see ..... yes some people use the macd histogram, or some version of 2 ma's difference, to approximate the elliot waves....

take a look at the standard macd but ploted as a histogram.... if you place a line on each successive peak and trough it will roughly mark each wave.... roughly.....

you'll need math far more in depth that that 1 line of code to properly identify the waves, assuming they can be identified at all.... as an example, here is something of preston's i believe, if not my appoligies to the true author, which attempts to mark the waves..... its a precentage deal so the more pronounced the peak to trough the better it works.....h

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Cross(
-0.1,If(LLV(If(Abs((Ref(C,-1) - Ref(Zig(C,3,%),-1))),>,0,0,1) *
(If(Ref(Zig(C,3,%),-3),<,Ref(Zig(C,3,%),-4),1,0)) * (-1),14),<,-0.5,-1,0) *
If(MACD(),>=,Mov(MACD(),6,E),1,0))

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finally coming to realize that there is no need for a specific Elliott-wave formula. the Zig-Zag with a 3 or 4-day reversal fills the bill to perfection! they even say something to that effect in the MS manual. it follows the peaks & troughs, what more can one ask?

still a matter of knowing ones Elliott theory, identifying which phase is which etc, the lines won't teach that. interesting by the way, how well the Macd shapes up against other, more complicated indicators.