Online Forex Trading - Cable found a base for Elliott wave 2 at 23.6% fibo?
cari duit with forex : currency trading
There was a slightly volatile movement on Cable at New York session as US getting hit by back-to-back worst than expected economics release.
Almost all major economic indicator giving a bad data to US market.
TIC Net Long-Term Transactions giving a positive at recent data but there is a negative from its revision.
US Monthly Industrial Production and Consumer Sentiment both also gives bad data.
All on this giving a boost rides for Cable to heading north.
Whats Online Bisnes technical analysis said?
We could see cable testing important resistance next week in order to form a new impulsive wave.That resistance could be projected at last week high at 50% of fibonacci retracement at 1.9780-1.9800 area.
Its look like cable still on Major Bullish Elliott wave projection,so at this time I had no reason to change my Elliott direction.
Consolidation probably,previous fast movement followed by worst fundamental released had causes a major breakdown for a wave (C ) to form.
If next week we see a good data released for GBP,then an impulsive wave with top target should occur.
First target for next impulsive wave should be at 1.9880.
where else support for bearish move should be at 1.9730 ,1.9660 and 1.9590.
Regards
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