Bullish reversal with a leading diagonal – More upside after set-back
|Cable reached a multy-year low after a capitulation back in September 2022. Notice that the price is looking impulsive on a daily chart up to 1.23-1.24 resistance where bulls will try to form a breakout, but after a fourth wave pullback which was more complex than we thought, but this one looks finished now after recent nice and strong recovery out of a downward channel and also above 1.2060 bullish level. As such, we will favor more upside after any near-term pullback, possibly in B/2 after a potential leading diagonal in wave A/1 that might find a top. Support is at 1.2145 followed by 1.2.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.