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Last weekends Elliott Wave weekly update spoke about the ongoing contracting wedge formation in cable, I had been expecting a further rise to the 14400 handle to complete three movements in wave ‘e’ of the triangle. I have placed an ‘e’ wave label at the most recent high(in grey) this is one possible interpretation, but I believe this will be broken to the upside, as wave ‘e’ should be a clear 3 wave movement. So my preferred count is for a final rally to the 14400 area and then a continuation of the downtrend. well, yesterday prices rallied to 14400 and popped above only to come down. there is ... READ MORE
