Guest Commentary: MarketVisionTV - Time to Buy Cable as Market Goes Bearish?!
Our view that the rally to 1.5995 was part of a larger corrective consolidation (a B wave high) has increased in probability today with renewed weakness in a clear 5 wave decline from 1.5995. Given the probability of a B wave high, all we need is a 5 wave decline to end a possible C leg and (however unlikely it may seem) a possible correction. So having faded 1.5880 it should now fade the 1.5805 region as it extends to the ideal 1.5730 5=1.618 of 1 target and 1.5705 the C=A.
We are covering shorts now though below 1.58 and using any further weakness to attempt longs against the 1.5640 low for a rally back to and beyond 1.5880.
Failure to sustain this rally or loss of 1.5640 extends the C leg further to 1.5530.
Further Videos and Commentaries are available at www.marketvisiontv.com or @EdMatts on Twitter
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