Short Squeeze Coming...
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Here we can argue that Cable has completed the 5th wave after clearing the stops at the 1.24 barrier. This was widely tracked in the institutional updates, although we didn't finish the projected target at 1.22729 we came crumbs away. This level is now necessary to break in order to confirm the downside.
To put simply, in my books with BoJo widely baked into the market we have the room for a short-term base here. A corrective squeeze back towards 1.26 - 1.27 will be enough to clear all the late retail shorts. Whilst those following will widely know we have been taking profits around the current levels in across all macro portfolios. I will actively look to add shorts at 1.261 and 1.276 when the time arises with targets at 1.21 and below.
Best of luck all those trading this advanced pullback.
To put simply, in my books with BoJo widely baked into the market we have the room for a short-term base here. A corrective squeeze back towards 1.26 - 1.27 will be enough to clear all the late retail shorts. Whilst those following will widely know we have been taking profits around the current levels in across all macro portfolios. I will actively look to add shorts at 1.261 and 1.276 when the time arises with targets at 1.21 and below.
Best of luck all those trading this advanced pullback.
Note
Losing the current lows will unlock 1.22729
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