Cable stabilized at the 1.3350 area as expected, from where we’ve seen a nice intraday rebound that could even be a small impulse, signaling continuation within the uptrend. This fits the textbook Elliott Wave 8-wave pattern, with five waves up from the August lows followed by an A-B-C, 3-leg setback. Such a structure suggests bulls are yet to lift the price toward and beyond the 1.36 area, though we may have to wait for tomorrow’s NFP release, which could be the key catalyst for markets this week.
GH
GH
Trade active
Nice rebound after NFP, price now testing a channel. I guess we break it next week, if not later in US hours. GH
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.