We talked about Cable on March 12, where we were mentioned and highlighted an ongoing five-wave bullish cycle, and it looks like it’s still in play. CLICK HERE
Due to strong extension higher on the 4-hour time frame it appears to be impulsive. We should be aware of further upside, especially as the market has broken out of a base channel, which typically happens within wave three of three.
In fact price is now even higher after a triangle in wave four so wave 5 of red (3) is in progress as expected, but it can target 1.32, so be aware of a new red higher degree wave (4) correction before the bullish trend for wave (5) resumes. Ideal support is at 1.29 – 1.28 area.
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