Photo by Colin Watts on Unsplash
So far this year, Cable has made significant progress to the upside above the 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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