Elliott waves analysis – We’re short towards 1.29


We're short towards 1.29

Wave Analysis

the cable is currently trading with an increasing bearish bias momentum. Following the break below 1.3045, we expect further momentum to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave v to the lower side and should break below 1.3005 towards 1.29 or even lower. According to the hourly chart attached, only a short position looks more ideal, but, should the price break above 1.3165, then this could price a good avenue for buyers to take a bit of control.

Trade Recommendations:

We’re short towards 1.29

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