Marketiva Forex Trading - Cable break 1st important resistance
Cable finally break 1st important top barrier to form a new impulsive wave.
Yesterday London session we saw Cable continue it bullishness but its stop and retrace after reach a new 25days high.This retracement is then supported by better than expected US data release at New York,ISM Non-Manufacturing Index and Prices.
Its moving south for about 50pips + in just 4 hours duration.Few hours later it start losing momentum and now market hovering at 1.9930+ area waiting for next movement.
Online Bisnes Elliott wave analysis suggest that impulsive wave 3 is now archived with yesterday high as a peak.However market can decided to continue to extend this wave 3 to next level,possible for fibonacci expansion at 2.0000 area.
Regards.
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June 6th, 2007 at 4:23 pm
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