The rally from 1.9361 is wave C within the A-B-C advance from 1.9337. Wave C should divide into 5 waves and so far there are only 3 waves up. As such, we expect additional gains. The next likely resistance point is the 61.8% at 2.0663. We wrote yesterday to “look for support in the 2.0028/2.0100 zone.”
The low yesterday was at 2.0045 so look for Cable to rally. A drop below 2.0045 would not destroy the bullish bias. Coming under 1.9946 would suggest that a major top is in place.
