A lot of traders got super bullish on cable when it broke the white trendline.
But if you studie wave A, you will see that the 5 wave failed.
But what is more important is that wave (a):s high in a triangle isn't important
form a structural aspect, because it's wave (a):s low to wave (b) to (c) to (d) that connect the
trendline.
Note that the d wave could still be in the works,
but bearish divergence and candlesticks suggest it's done.
The simpel fact is that there isn't a completed bullish triangle yet.
My EW count suggest atleast 1.60/59, but I think we could go much lower
if the december high is the 5:th wave and not the 3:th.
But if you studie wave A, you will see that the 5 wave failed.
But what is more important is that wave (a):s high in a triangle isn't important
form a structural aspect, because it's wave (a):s low to wave (b) to (c) to (d) that connect the
trendline.
Note that the d wave could still be in the works,
but bearish divergence and candlesticks suggest it's done.
The simpel fact is that there isn't a completed bullish triangle yet.
My EW count suggest atleast 1.60/59, but I think we could go much lower
if the december high is the 5:th wave and not the 3:th.
