In 2021 cable has also been rotating between $1.42 and $1.37.
There are 2 classic patterns, 1 is validated.
The double top, with a recent breakout of 1.3650 is validated.
This pattern projects 1.3100 as the target.
The double bottom , having recently tested and rejected 1.3600, would need to breakout from 1.4000 to be validated.
This pattern projects 1.4400 as the target.
Objectively cable was in an uptrend from March 2020 through March 2021. Price has been meandering around 1.4000 ever since. There are 2 clean resistance levels at 1.4250 and 1.4000 respectively. Continuing range bound price action about 1.4000 suggests this is the mean. Since the double top is validated the current position is short with a bias in favour of a throwback continuing. However the breakout has started to form that double bottom. The bias would change quickly if cable bulls decide to validate 1.4000 and ensuing momentum provides a 1.4250 test.
Comment
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Potential for a bear pennant to form as opposed to a double bottom.
Trade active
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Clear breakout with trend and momentum toward the 1.31 target.