New York time: 00:00:00
Local time: 00:00:00
Newsletter RSS 

Cable Forming A Corrective Reversal

Top


Aug 02 2011

We are looking at the updated wave count on cable with temporary top in place since prices collapsed in impulsive shape during the past few sessions. Notice that move from 1.5780 lows can be counted in five waves, so looking for some deeper corrective reversal now when prices also broke through the red support line makes sense. So, if we believe that correction is unfolding then pair should make at least three wave push lower, maybe even down to 1.6100 region, before we may look for uptrend again.

From a little bit larger perspective we believe that bottom has been reached at 1.5780 and that current waves lower are just within a corrective pull-back, labelled as a red wave 2). With this being said, larger trend remains up!

Do you like analysis you see here? Check our full service package here.  Price: just 45€ per month or 110€ per 3-months.

Video tour of our product offerings
Twitter Facebook
Subscribe to our newsletter

Newsletter archive