The Elliott Oscillator, or 5/34 Oscillator, is a 34 period simple moving average of prices subtracted from a 5 period simple moving average of prices displayed as a histogram above and below a zero line. You can duplicate the Elliott Wave Oscillator on charting programs with a MACD feature. It can be applied to any time frame (intraday, daily, etc.) and works equally as well in every time frame provided that the correct number of bars are displayed in the chart. The chart below is a good example of how effective this technique can be in counting Momentum Waves.