Hi Andrew,
On cable, could we be looking now at W3 of a 5 waves formation (with target
as you said around 2.0000), which in its entirety would be wave A of a
larger A-B-C correction? Just a thought...
Im thinking along these lines since the current wave C appears quite strong
and likely to continue, turning into a probably larger move (not typical of
wave C, generally, as far as I know). I have in mind the guideline for ABC
corrections stating that if wave C goes much beyond 161.8% of wave A (which
would be the case if cable reaches up to 2.0000) then most likely the zigzag
is likely to extend to an impulse... Now WC it's 127% of WA, which would be
a likely target for a WC, so my assumption is that if it goes down it should
be now (which I don't think it's happening)
Therefore I'm expecting a
much larger correction mid-term / long-term, targeting 2.0360 - 2.0450 (not
before a correction to the current rally, for sure).
What do u think? Anyway, your assumption is perfectly valid as per the
rules, so we could be seeing just that happening. Even if that's true, I'd
be careful about when going short and for how long, since (as Nader put it)
there is bull smell around, for sure
Have a great weekend everybody!
Mihai
Elliott wave analysis by Andrew Vorobyov
Linear Mode
