[B]Commentary[/B]: We wrote yesterday that “wave 5 could extend higher but its not a high probability trade. Cable has lagged behind and we will look for a small 5 wave decline in order to get longer term bearish for a return to below 1.9000.”
Cable has tested the previous high at 2.0130 (today at 2.0128). A rally through 2.0130 would satisfy minimum upside expectations. The 5th wave of the entire rally from 1.7046 is unfolding as an ending diagonal (from 1.8515). The upper resistance line for the diagonal is at 2.0283 today. A small 5 wave decline (after a break above 2.0131) will signal that it is time to get bearish.