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The Trader Advantage: Cable Bulls Get Momentum And Price Action
Excerpts taken from The Trader Advantage Program
Overall View: Looking for a correction, before down-trend can continue
4 Hour Chart Flows: Mixed. Price Points: 1.4977, and 1.5216 Looking for: Upward correctionMomentum: The cable trend went Short in early February, and has meandered lower with no real desire to move to far either way. Moves to test that short trend are sporadic, and without momentum.
Elliott Wave: Cable has moved all over the charts this week, from the 1.5216 top to the 1.4877 zone, and then an upside move after Usd weakness was shown across the board, that was driven by higher commodity and stock valuations.
The top of a wave C) at 1.5216 was taken out, which means that a correction is not over yet, and as such we will be looking for a possible double zig-zag pattern, shown in wave (4). Currently, wave A) of a second zig-zag leg is searching for near-term highs, from where a Short red wave B) will be expected, before a final leg of wave C) trades higher.
Overall, the down-trend on cable is expected to continue, once a complex correction is finished.
TheLFB Charting: Gbp/Usd 4 Hour View
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