Elliott waves analysis – We’re still short towards 1.3352


We're still short towards 1.3352

Wave Analysis

During the previous trading day, the cable opened at 1.3495, went as high as 1.3568 and as low as 1.3473 but ended up closing at 1.3515, just a few pips above it’s opening price. The previous day’s candle is a possible sign that, although buyers are still in this market, sellers are coming in. With the previous day’s candle in mind, we expect a slight move to the upper side before a drastic move is seen to the lower side. The anticipated bearish price rally will be the continuation of the impulsive wave c and may break below 1.3352 towards 1.2697 or even lower.

Trade Recommendations:

We’re still short towards 1.3352

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