Above we have a possible long position on the Pound-Dollar, through a bullish Cypher
set up. The X point is taken from the decisive push of an impulse wave that broke a symmetrical triangle. The X and D point now both sit along a pivot
line- an area where we previous had an inverted head and shoulders! Please see the chart below for generic analysis.
As always for this pattern the risk is 1:2. Due to the depth of the stop loss, I will be patient for an entry as price may dip below PRZ the D level.
X:A = 38.2%-61.8%
A:B = 127.2%-141.4%
X:D = 78.6%