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As I had predicted the price had closed under the weekly trendline and also under the daily trendline.. For now I’ll wait for the correction for cable to kick in.. I would love if the price can retrace up 50.0 from the bottom to 2.0472 but as of now we have not had a confirmation of the reversal/retracement yet.. the price could still drop until 1.9479 (EMA 100 weekly) because that is the only potential reversal/correction zone I could see as of now.. ao is not recording any divergence as of yet which means that there’s still room for cable to go down further…and it is valid target until we have a bullish cs which engulfs the friday’s cs… So it is better to have a tight SL if you do trade..  but for those want to catch the ride down my advice is to hold on to your horses… we are at the end of this first wave down… it is better to look for a long position if you don’t have any short post.. 

My Suggestion

If you a brave enough then you could put a buy stop at 1.9900 and put the SL 1.9800 and your tp should be at :-

TP 1 : 2.0208(EMA 200)

TP 2 : 2.0312 (FR 38.2)

TP 3 : 2.0392(EMA 100)

TP 4 : 2.0472 (FR 50.0)

if the price had made a 50% correction from the bottom price then we could be looking at a potentially 5 wave DT pattern. Insyaallah this will the time of the USD to make it’s comeback..

If we look at cable’s weekly chart below

cable had made a clear break of the weekly chart’s ascending channel.. i’m referring to the EMA 100 weekly for a foreseenable tp for GU if this week’s cs closes under 2.0172. The ao and stoch is confirming this downtrend. so let;s have a look again at the weekly chart this saturday or sunday.

From my point of view GU is going down for a long time.. The daily cs had broken down the trendline which had supported cable’s move upward.. take a look at the chart below..

eventho the daily stoch is OS it still can go down.. I expect tomorrow the price will retry the trendline that cable had broken before which will be around 2.0215 range.. the EMA 200 daily is also around this price too.. so I foresee a bit tougher resistance for cable to break. if the daily cs could break this resistance and close above this price then cable would resume it’s upward move.. but if tomorrow’s retesting of the resistance is unsuccessful then we are looking at 1.9472 as a possible tp for swingers…

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