Cable analysis based on seasonal data

When looking at this chart, I ask 3 questions:

1). Bias = What trend are we currently in?

- Downtrend, P2

2). Are we following a seasonal pattern?

- Yes, 20 years pattern

3). What does this mean?

- Seasonals show us a move to the upside, but we are in a downtrend so this is a P2
- Seasonally we expect a market high around 31/01 before a move lower, this could be around the monthly pivot point as previously highlighted for other P1's