THE BIG PICTURE: A look at the Cable monthly chart shows an interesting symmetrical development. This chart does not show obvious cyclical movement like the aussie, but there is a move culminating at point D which almost identically resembles the move from point A to B. In this respect the fib extension tool can be used to measure point A to B and project the extension from point C. This provides an interesting scenario developing around the 1.50 zone. Another aspect of this idea is the time symmetry between segment AB and CD which has been about a year. At this juncture you find cable running across the window of time where the completion of segment CD is just about due.
THE TECHNICAL STANDPOINT: Cable should start to develop buying signals on the lower timeframes. The more time that cable can stay above the 1.50 level the likelihood improves that the cable will begin to drift higher. This idea falls in line with the DXY short idea.
THE TECHNICAL STANDPOINT: Cable should start to develop buying signals on the lower timeframes. The more time that cable can stay above the 1.50 level the likelihood improves that the cable will begin to drift higher. This idea falls in line with the DXY short idea.
