Guest Commentary: MarketVisionTV - Cable Two Wave Counts, One Trading Strategy
Cable did spike to 1.5630 to beg two slightly different wave counts but essentially one view and one trading strategy. It is still possible that the spike to 1.5630 ended five wave trend sequence and therefore A if not the end of an irregular correction. But we know Cable is almost incapable of retracing or falling without a double top. As such it remains within the projected 1.55- 1.56 consolidation and should see another rally above 1.56. Now this is consistent with the alternative that 1.55 wad 3 of 3 and that Cable has one more new high to 1.5670. So although it is prudent to reduce short term shorts on dips we will continue to sell above 1.56 now with 1.5789 stops for an eventual break down through 1.5500 to 1.5405 but with potential to attack the 1.5235 low.
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By Ed Matts, MarketVisionTV.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.