The decline from 2008 picks into 2009 lows occurred in five waves, which in Elliott Wave theory indicates a direction for a larger trend. This is called an impulse wave, and once this leg is complete you will see a reversal in price, against the trend, normally into slow, choppy and overlapping price action which defines the personality of a correction.
This is exactly what we are seeing on cable since 2009. As such, we are very confident that pair is trapped in a corrective pattern, a triangle which in fact may have already ended at 1.61. In such a case, sharp weakness will follow in 2012, with prices headed below 1.35!
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Cable: USD/GBP Bearish Scenario For 2012
Published 01/10/2012, 02:33 PM
Updated 07/09/2023, 06:31 AM
Cable: USD/GBP Bearish Scenario For 2012
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