Cable update - algo bulls detected.
Time to update this chart with a new base channel here as it made a significantly technical pull back to the 618 and a move to the -236 indicating algo participation. If it breaks above this base channel then it's more likely that a larger impulse wave is in progress, with the breakout required for a wave 3 of an impulse. That's not to say it couldn't just meander up this channel till it gets its upper targets way up at the 1.43-44s. But certainly the breakout would make that much more likely. For now though the 1.34-35 area is in contention.
Not sure it will come back to the 0 on the white fibonacci for any entries or addons but maybe the level at 1.257 will become support.
With the interest rates now about equal, it's also not too pricey to hold this long either.
Not sure it will come back to the 0 on the white fibonacci for any entries or addons but maybe the level at 1.257 will become support.
With the interest rates now about equal, it's also not too pricey to hold this long either.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.