Cable: Texbtook Elliott Wave pattern is pointing higher
Cable stabilized at the 1.3350 area as expected, from where we’ve seen a nice intraday rebound that could even be a small impulse, signaling continuation within the uptrend. This fits the textbook Elliott Wave 8-wave pattern, with five waves up from the August lows followed by an A-B-C, 3-leg setback. After the bad US jobs data, Cable is sharply higher, which confirms a completed ABC correction. Such a structure suggests bulls are yet to lift the price toward and beyond the 1.36 area, especially if breaks above channel resistance line.
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