Hi Traders,
Taking a look at cable on the daily we can see price action has now reached a previous level of resistance in confluence with an overextended AB=CD pattern (D completion in range of 1.618BC). On the lower time frame (4h) we can see a head and shoulders top, which is a classical bearish chart pattern. Although I don't use RSI anymore, I would wager that cable is overbought at the moment. If you use RSI, please leave a comment below so the rest of the community is updated!
Thanks,
Paul
Taking a look at cable on the daily we can see price action has now reached a previous level of resistance in confluence with an overextended AB=CD pattern (D completion in range of 1.618BC). On the lower time frame (4h) we can see a head and shoulders top, which is a classical bearish chart pattern. Although I don't use RSI anymore, I would wager that cable is overbought at the moment. If you use RSI, please leave a comment below so the rest of the community is updated!
Thanks,
Paul