By the end the week, cable stalled at major resistance level of 1.5370. Most Elliot Wave technicians saw it at that level it is possible the cable are finishing off a wave 4 or alternatively if prices pushes higher, it would suggest a larger correction and that wave 5 would of been a truncation, and 5 waves completed.
Looking at price pattern, cable is likely to form a double bottom with the neckline at around 1.5370. Next week we could see any clear direction i.e. either moving upward passed 1.5370 or fall below it and reversed direction downward.
On the 30 MTF, the cable is expected to consolidate downward as prices is heavily overbought.
