Big Picture Elliott Wave: Cable bounced lower after the Sunday opening and hit support in Monday's session at 1.4080, which looks to be first leg of wave A) after a five move up from the 25th of Jan. If the wave count is correct then the market should already be very close to the end of the wave B) retracements and areas that could lead to a lower black wave C) move. The wave count will be valid as long the market trades below the top of wave A; otherwise we believe that the market is trading in more complex wave IV) correction and that would mean the top of the red wave A is not in place yet.