Elliot vs Scott // IF=THEN ®

USDJPY

Bullish breakout version after 72 days of "consolidation" between Weekly Support W1 and Daily resistance D1

Basic Elliot impulse with 5 waves:

iMPULSE LEG:

Wave 2 = 61.8% of wave 1 (Prices usually do not retrace more than 61.8% of the wave one gains;
Can never exceed the start of wave 1);

wave 3 = 161% ext of wave 1 (can never be the shortest impulse wave);

wave 4 = 38.2% of wave 3 (can never overlap wave 1 [i.e., cross into the same price area]);

wave 5 = wave 1

CORRECTiON:

Wave A = usually around the 50%/61.8% of wave 5

Wave B = Usually 50% of Wave A and Should not exceed 75% of wave A

Wave C = Wave A (AB=CD) *
161% ext Wave A
262% ext Wave A


Cyphers:
CYPHER:
Point B:
38.2% to 61.8% XA
Point C:
127% to 141% ext XA
Point D:
78.6% XC
Target:
TP1 38.2% CD
TP2 61.8% CD

Safe trades;