* Cable is reversing from the major 1.63 Blowout.
* All we need now is for the disbelief to grow and for the market to get even longer
*And of Course Break back below the Key 1.60!
Since Cable hit the 1.6300 potential top identified by the Analogy with last year, the Nasty Trade has continued with a new dimension. A decline that has lacked momentum that has curiously differed from the swift reversal of 12 months ago. Although it is tempting to label this lack of downward momentum as corrective, this awkward price action is certainly what is needed to deter shorts and suck in longs. So while Cable is below 1.62 there is a chance to extend the ratchet further to 1.6070 to end a somewhat contrived trend sequence.
Because of this momentum loss we are reducing shorts on this weakness as until the key 1.60 level is broken, highlighted on the daily perspective there is a chance for another rally.. which we will resell with stops above the 1.63 high and now daily downtrend resistance.
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