Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- In our previous cable post, we saw it fall sharply on the 15th, but you read that I had my beliefs another attempt at 1.63 was pending.
- This is materializing, as the sharp decline earlier in the week has been completed pared, and the market broke above this week's high, reaching now towards the previous high at 1.6277 or the 1.63 resistance.
- The RSI in the 4H chart reflects bullish continuation, but still the 1.63 level is resistance as seen in the daily chart.
- Now, I believe if there is topping, a decline would be more meaningful because the market has completed a bullish impulse structure in my opinion.
- The 1.5950 level is a pivot the market needs to clear for a target towards 1.5750.
- The daily chart shows that 1.63 is very important. If it breaks we have a long-term bullish signal in the making. Even if this is the case, a meaningful correction should take place before a rally continues above 1.63.
Will the bearish momentum resume? We would love to hear what you think.