At this stage, both counts have equal probabilities and I wouldn’t lean on one over the other to label as the preferred count just yet. Especially since the decline so far is in a three-wave pattern. We would want to see a sharp five-wave decline to favor the alternate hourly count.
As always we should wait for either counts’ confirmation point to be reached to determine the highly probable count.
NOTE-
By moving above 1.3613, Cable would be expected to trade higher toward the 1.36120 level. On the other hand, by moving below 1.3458, Cable is expected to move lower toward the 1.3396 level and if exceeded then to 1.3350.
Main Hourly Count
– Invalidation Point: 1.3659 — 1.3458
– Confirmation Point: 1.3613
– Upwards Targets: 1.3620
– Wave number: (ii) green
– Wave structure: Corrective
– Wave pattern: Double Zigzag
Alternate Hourly Count
– Invalidation Point: 1.3613
– Confirmation Point: 1.3458
– Downwards Targets: 1.3396 — 1.3350
– Wave number: iii orange
– Wave structure: Motive
– Wave pattern: Impulse