The ellipse works well when there is little history to tell us the story. The next leg up could be symmetrical to the first - and this gives us our target. If price falls out of the ellipse our trade plan is broken - it's that simple.
Please use caution when you trade - the plans I create are my thoughts based on past experience in the forex market, they are not advice.Feel free to donate BTC to my account if you happen to benefit from my plans.