Elliott Wave analysis: Corrective pullback for Cable

Gregor Horvat Wavetraders

Cable is coming lower, but the overlapping price action suggests that this is likely a corrective movement within the broader uptrend. However, there could be some further downside as the seven-swing drop is not fully completed yet. In that case, the 38.2% retracement level for wave 4 is around 1.3090, which is also close to the wave four of two lesser degrees, at 1.3079. This certainly appears to be a very interesting area for potential stabilization on the pound this week.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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