The cable is still trading around the yearly pivot in a consolidation range within the linear regression channel after an impulsive leg one. At some point, it will break out, shooting for the stars (R1) or dropping like a rock (S1). There are cases to be made for both directions. A continuation impulsive leg two takes it back to the top of the LR channel and coincides with a key fib projection targets and resistance area. If price fails to move higher or forms a reversal sell setup around 1.2700 - 1.3400, I would set my targets to the area of the 2022 monthly wick. At some point, I would expect the wick to be filled just like the 2020 wick was.
There are two sets of fibs. The first is measuring the drop from 1.4250 - 1.0356. The second is measuring the swing low to the 2023 high of 1.2447.
With all of that said, anything can happen. Just like the Astronauts of Apollo 11 had to constantly make adjustments on their way to the supposed "moon landing", 😉 😉 we as traders need to make adjustments as the market reacts and changes as new information becomes available.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.
There are two sets of fibs. The first is measuring the drop from 1.4250 - 1.0356. The second is measuring the swing low to the 2023 high of 1.2447.
With all of that said, anything can happen. Just like the Astronauts of Apollo 11 had to constantly make adjustments on their way to the supposed "moon landing", 😉 😉 we as traders need to make adjustments as the market reacts and changes as new information becomes available.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.