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Guest Commentary: MarketVisionTV - Cable Remains Bearish...But How Bearish?

Guest Commentary: MarketVisionTV - Cable Remains Bearish...But How Bearish?

Ed Matts - MarketVisionTV.com,

The price action is still bearish on Cable.. the question is how bearish

Guest_Commentary_MarketVisionTV_Cable_Remains_Bearish...But_How_Bearish_body_gbp1604.png, Guest Commentary: MarketVisionTV - Cable Remains Bearish...But How Bearish?

* Cable remains within expanding consolidation for the last month. Having spiked to 1.6065 it should now spike the downside.

* Having completed a correction at 1.5985, a loss of 1.5800 later should confirm and accelerate short term weakness.

* We will add to shorts on a rally and have lowered stops.

Following the trend sequence to 1.5800 and Cable's favorite type of correction (an initial 3 legged rally, a strong retest of the low and a sharp spike higher) just beyond the 61.8%, it has resumed the downtrend to one of 2 targets.

The first our preferred view is the more aggressive spike of the 1.56 low to an ideal 1.5565 the c=1.618a to maintain the concept of the expanding triangle or range of the last month. As such 1.5800 should really survive today with a final correction certainly to 1.5880 38.2% and possibly 1.5900-20 the 50-61.8% where we will look to add to shorts.

However should 1.5800 break early there is a risk that shorts will be stranded at the c=a objective only of 1.5725 before a recovery through 1.5985 to attack the 1.6065 low. For this reason we have now lowered stops on shorts to almost break even at 1.5985.

Further videos or commentaries are available form www.MarketVisionTV.com or @EdMatts on Twitter.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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