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);

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

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wave 4 = 38.2% of wave 3 (can never overlap wave 1 );

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wave 5 = wave 1

CORRECTiON:

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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;