The last labeling with an immediate downside impulsive wave development on H1 chart has been invalidated and price has made new high. This made me to re-visit the charts to find another, better labeling.
The Cable is still in Triangle formation and according to my labeling it is in final stages of lalst wave C of ABC progression in wave E of a Triangle, SO - a trend reversal is expected very soon.
The targets are on Daily Chart and they make 55pips confluence level:
- One - to - One equal length wave 1 projection ends @ 1.6470.
- 38%Fibo Ext @ 1.6415
From H4 fibo projections I got two zones:
- Zone #1 - 1.6363 - 1.6386
- Zone #2 - 1.6417 - 1.6425
A possible reversal is expected for one of this zones:
Support/Resistance:
1.6369 - WR2
1.6324 - WR1
1.6257 - Intraday Support
1.6239 - Technical Support
1.6190 - Weekly Pivot
Trading Recommendations:
Prepare to enter SHORT SWING positions from zones indicated on charts.
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