Elliott waves analysis – Still looking to sell the cable


Still looking to sell the cable

Wave Analysis

After breaking below the daily support level 1.33516, the cable has been correcting itself upwards but is still below this level. Unless this level is clearly violated upwards with a main candle, we expect a possible rally to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave c to the lower side and may break below 1.26974. If this target is broken, then the price is likely to continue to the lower side with the next ideal target being 1.21477. This view can only be rendered futile in case the price breaks above 1.33516.

Trade Recommendations.

We’re still short towards 1.26974.

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