Cable was trading lower for the second consecutive week. The pair closed the week at 1.2164 and it is trading near a major support at 1.2030 Speculators were more bearish this week and the net positions are at 81K, slightly below our 33 weeks moving average. This raises a flag and this market could be turning into more bearish outlook. I would like to see the positions next week to confirm the possible change in sentiment.
Posted in: Commitments of Traders,
This low could prove to be a serious buying opportunity given the bullish setup we have in the larger wave count. the price has spiked higher off that low also in an impulsive fashion. I am definitely watching this one closely for the formation of a higher low on monday. The rise so far looks encouraging.
Posted in: Premium Elliott Wave Analysis,
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