Elliott Wave Analysis: Cable Made Three Waves Drop To 1.3050 Support
Cable is in recovery mode after it moved above 1.3044 in August so a breakout is happening, ideally in an impulsive rise up from 1.2666 with more upside potential, either within impulse coming out of a triangle, or possibly even an ending diagonal, that is also incomplete as shown on daily charts. As such, we will continue to look higher while the market is above 1.2873, especially after the current retracement, which can be correctedthree-wave becuase of a three wave drop down to 1.3050 support. So far we can see some nice bounce that signals for further strenght.
If 1.3 support zone is broken, then retracement can be deeper and more complex but still wave 4 (of an ending diagonal) within uptrend.
For more analysis check our video below as well.
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
