For those of you who have been following the ultra bullish count of the cable, here is an alternative view.
In the ultra bullish count it is expected that the cable will go higher to as much as 1.6000. This is the "perfect" ABC correction view where wave C extends 1.618% of wave A.
This could be true, however, looking at wave A you can count 3 waves. When wave A is 3 waves and wave B is also 3 waves (as it usually is) then we might be looking at a 3-3-5 flat correction.
If that is the case, then we have seen the top already at 1.4780 and are heading to the bottom of the channel.
Also, when looking closer, we can see a head and shoulder pattern might be forming, usually the sign of a reversal.
Happy trading!
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