The 1:1 (Green) and 23.6 fib that coincide at 1.54250/750 still remains the level of most importance in Cable. As long as the market stays below this level the bears remain in control, however a solid break and close above 1.54800 will see the bulls take full control of this market.
Even with the solid selling against the 1:1 (Green) and 23.6 Fib the bulls continue to pick up Cable on dips. The most recent 1:1 (Purple) dip has attracted solid buying interest with the target now being large stops sitting just above 1.54800 level.
If this level is taken out the best play in my opinion will be buying dips with not much in the way until 1.58000/050.
* A 1:1 refers to a current correction being equal in length to a prior correction
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