Jimi95
Short

CABLE DAILY Symmetrical ABCD

FX:GBPUSD   British Pound/U.S. Dollar
The AB leg has been completed with the BC             correction reaching the 61.8 fib level, which price has tested before, so potentially the BC             correction has completed and ready to start forming the CD leg. However price action will dictate whether this 61.8 fib will hold, otherwise a deeper correction can be expected and all short positions should be held off until solid confirmation. Lower timeframe reversal patterns (4hr 1hr TF) or a break of the the TL on the RSI would all be confluence's to warrant a short.
Monthly TF exhibiting a strong bullish rally, however zooming into the weekly, the formations of doji's signify the indecision of the bullish trend and its halt in pace. thus giving us reason to anticipate that the correction has completed and a move to the downside could be in the cards.
danndc
2 years ago
where do you think we are aiming now?
Reply
MisterTrader
2 years ago
Thanks for sharing your analyze Will, if it can be any help, my analyze :
#GBPUSD: Divergence and Fibos for a Short
Reply
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