Cable Remains Bearish Within Deeper Correction, from technical point of view and from Elliott wave perspective.
So far this year, Cable has made significant progress to the upside above 1.3100 area, where we see a potential top in place, a temporary one as we count five waves up from the lows on a daily chart, especially if we consider also an ending diagonal formation within wave (5) and a broken trendline.
After every five waves, there’s a three-wave corrective slow down, thus traders should be aware of more weakness within a deeper (A)-(B)-(C) correction now. In fact, drop from 1.3145 can be counted in five waves for wave (A), so bearish price action will most likely resume after wave (B) which has a nice resistance near 1.28 for a flat formation. But not only a flat, cable has now also an option for a triangle if we see 1.26 from here. In either case, it’s still bearish.
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