Cable Is In A Correction Within Uptrend

Cable made five waves up from the 1.0353 lows, which suggest that bottom is in place from Elliott wave perspective, but more upside can be seen after a corrective pullback.

We know that after every five waves market slows down for a three-wave setback that is now underway. Probably the pair is going to form an A-B-C flat correction, currently trading in wave B rally that can stop at 1.16-1.17 resistance. Ideal support for the whole correction will be at 1.08-1.06.

Trade well!

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