Cable made five waves up from the 1.0353 lows, which suggest that bottom is in place from Elliott wave perspective, but more upside can be seen after a corrective pullback.
We know that after every five waves market slows down for a three-wave setback that is now underway. Probably the pair is going to form an A-B-C flat correction, currently trading in wave B rally that can stop at 1.16-1.17 resistance. Ideal support for the whole correction will be at 1.08-1.06.
Trade well!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
We know that after every five waves market slows down for a three-wave setback that is now underway. Probably the pair is going to form an A-B-C flat correction, currently trading in wave B rally that can stop at 1.16-1.17 resistance. Ideal support for the whole correction will be at 1.08-1.06.
Trade well!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
