In Cable, Commerzbank it has a TD perfected set up on the 240 minute chart and a 13 count with TD resistance at 1.7205.
“No matter what time frame we look at – all of the Elliott wave counts et c are suggesting this is the end phase of the upmove. We also have a 13 count on the 60 minute chart and TD resistances at 1.7200/05, these are short term sell signals and we would allow for a retracement to 1.70 for now,” CB argues.
“Provided that we remain under pinned by the 1.6952 support an immediate upside bias is preserved. Above 1.7205 will trigger a move to the 50% retracement at 1.7331 (of the move down from the 2007 peak),” CB adds.
