Cable started the year by trading on up, reaching the alternate count’s target before advancing higher, invalidating the short term count.
At this stage, both counts have equal probabilities and as always, we will wait for either counts’ confirmation point to determine the highly probable count.
Synopsis: By moving above 1.3613, Cable would be expected to trade higher toward the 1.3632 level. On the other hand, by moving below 1.3429 and more importantly, 1.3301, Cable is expected to move lower toward the 1.2593 level.