From the Daily chart,
The Cable's mid-term main trend is bullish.
Currently undergoing Elliott Wave 4, which is a correction wave, and retracement from the past weeks' rally.
From the H4 chart,
The Cable has been consolidating for the past half week, most likely affected by the news of Greece.
It had difficulties going back through 23.6% retracement level and did not even touch 38.2%. Hence expecting a need for bigger momentum, by going down then up.
Be prepared as it might breakout in either way with large gaps and slippages when market opens tomorrow.
Neutral position takers, might want to wait for a signal before longing Wave 5 (impulse).
Long position takers to hold tight for next week as the retracement might continue.
Short position takers to close when long signal forms or when price hits 50% retracement. (I'm not a fan of trading against the main trend so I'll exit asap)
Trade simply, signing off.
Thanks @houtiantan for introducing this charting program.
The Cable's mid-term main trend is bullish.
Currently undergoing Elliott Wave 4, which is a correction wave, and retracement from the past weeks' rally.
The Cable has been consolidating for the past half week, most likely affected by the news of Greece.
It had difficulties going back through 23.6% retracement level and did not even touch 38.2%. Hence expecting a need for bigger momentum, by going down then up.
Be prepared as it might breakout in either way with large gaps and slippages when market opens tomorrow.
Neutral position takers, might want to wait for a signal before longing Wave 5 (impulse).
Long position takers to hold tight for next week as the retracement might continue.
Short position takers to close when long signal forms or when price hits 50% retracement. (I'm not a fan of trading against the main trend so I'll exit asap)
Trade simply, signing off.
Thanks @houtiantan for introducing this charting program.