Commentary: We wrote yesterday that “additional losses seem likely near term as the form of the decline from 2.0101 looks far from complete. 1.9515 (161.8% of 2.1160-2.0353/2.0821) is potential support.”
After slipping to 1.9672 this morning, Cable has enjoyed a strong bounce, but the decline from 2.0101 does not look complete. If the decline from 2.0101 is a 5th wave, then the fall should divide into 5 waves itself.
Strategy: Bearish, against 2.0101, target 1.9530