“We view the rally to 1.9970 as completing wave iii of larger C (within the A-B-C from 1.9337) and the decline to 1.9761 as wave iv of C. Therefore, wave v is working higher now to complete wave C and therefore larger 2 or B within a bear cycle from 2.1160.
The 200 day SMA at 2.0124 may provide resistance.” Cable’s rally is not complete. Near term, maintain a bullish stance as long as price is above 1.9761. As mentioned, the 200 day SMA could provide resistance but so could Fibonacci levels at 2.0248 and 2.0463. The goal in March will be to identify the top of larger wave 2 (or B) from 1.9337 in order to position for the big decline that waits.