General Overview for 07/12/2013
The impulsive wave progression is almost done and cable is in corrective cycle wave 4. There is last wave (e) missing to the downside and then rebound is expected and new high should be made. The target level for wave 5 is 1.6513 - 1.6538 zone, where some Fibo projection levels cluster together. The is more clues to support this view: first one is a long lasting Bearish Divergence on H4 and now on Daily chart as well. Second is the slope on Non Linear Regression model that points downward, but the risk tail SELL ZONE still leaves the room for the target area to be hit.
From Time Cycle aanlysis the most important dated for cable are 13th and 23th December 2013 where couple of Fibo Price Clusters gathered.
Support/Resistance:
1.6188 - WS3
1.6119 - 1.6240 - KEY ZONE | SUPPLY BREAKTHROUGH ZONE|
1.6243 - WS2
1.6257 - 1.6266 - Fresh Demand Zone
1.6291 - WS1
1.6295 - 1.6315 - DEMAND ZONE
1.6346 - Weekly Pivot
1.6395 - WR1
1.6441 - Swing High
1.6450 - WR2
1.6513 - 1.6538 - Target Area For Wave 5
Trading Recommendations:
Buying the dips in DEMAND zone in anticipation of wave 5 to the upside is the way to go here.
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