Elliot Wave leg 4 breakout, Bullish Cypher? *Education ONLY - Do not trade half completed pattern formations! *
Mixin n matching for pip collection
Biased scenario:
1) You can see the Elliot leg 4 - 5
2) EMAs are in order - fast EMA20 above the slow EMA50
3) Fib AB retracement so far fits a cypher (yellow fib) AB = 0.38 < rXA < 0.68. That is AB retracement of XA is greater than .38 and less than .68
4) Candle bar setup bullish (hammers, continuations)
ENTRY: Trading the last small candle,
just above it ~ 1.94078
SL around .618 XA retracement
TP around .786 retracement of AB(rAB - gray fib)
(.786 rAB would be point alternative point C
in case we see the yellow inner Gartley or BAT instead)
.. for a cypher we'd expect C to sit well above point A
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