Wave Analysis:
The Cable is currently trading within a contracting wedge formation. We expect the previous day’s bounce from the lower trendline to have marked an end to the impulsive wave (c), that the current bullish price rally is the continuation of the corrective wave (D) and should not go beyond the upper trendline where we’ll be looking to sell the last impulsive wave (E) with an ultimate target along the lower trendline. If the price breaks above the upper trendline, then that will mean we’re looking for buy orders.
Trade Recommendations:
Buy the cable towards the uppeer trendline.
Origin: FreshForex
