British Pound / U.S. DollarUpdated CABLE BULLISH 3 DRIVE
After some careful consideration of the price action I realized that CABLE was making a very RARE, DOUBLE HARMONIC pattern called the 3 drives.
In this case it appears as though CABLE is creating a BULLISH THREE DRIVES DOWN harmonic pattern. Which would frame our sells at this point and give us a nice potential EXIT to any CABLE sells at point #3.
From point #3 it is a very high likelihood that CABLE will experience some form of bullish impulse wave. The current trading plan is to ride the THIRD DRIVE TO THE BOTTOM, which is wave 3 of the second harmonic pattern that is contained WITHIN a 3 Drive pattern.
After completion of wave 3, the size of the resulting impulse wave should give clues to the next step in CABLE
In this case it appears as though CABLE is creating a BULLISH THREE DRIVES DOWN harmonic pattern. Which would frame our sells at this point and give us a nice potential EXIT to any CABLE sells at point #3.
From point #3 it is a very high likelihood that CABLE will experience some form of bullish impulse wave. The current trading plan is to ride the THIRD DRIVE TO THE BOTTOM, which is wave 3 of the second harmonic pattern that is contained WITHIN a 3 Drive pattern.
After completion of wave 3, the size of the resulting impulse wave should give clues to the next step in CABLE
Note
THREE DRIVE PLAYED OUT NOT PERFECT BUT SHOULD BE REACHING FOR THIRD BOTTOM NOWBUYS NEAR 1.185 AREA
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.