Cable's strong rebound

Daily Pivots: (S1) 1.9351; (P) 1.9426; (R1) 1.9490; More

Cable's strong rebound from 1.9360 and break of mentioned 1.9542 cluster resistance (50% retracement of 1.9737 to 1.9360 at 1.9549) suggested that fall from 1.9737 has completed. Focus is now on falling trend line resistance (now at 1.9646). Break will argue that whole decline from 1.9957 has completed with three waves down to 1.9360. Further break of 1.9737 resistance will confirm this case. In other words, the corrective nature of such fall suggests that consolidation from 1.9337 is still in progress and another rise should be seen to retest 1.9957 resistance before completion. On the downside, below 1.9482 is now needed to turn intraday bias back to the downside for 1.9360 and then 1.9337.
In the bigger picture, as discussed before, prior break of medium term rising channel and 2.0 psychological level at least indicate that rise from 1.8090 has already completed at 2.1161. With 55 weeks EMA taken out too, it's likely that the medium term up trend from 1.7047 has also completed. Deeper medium term decline is expected towards 61.8% retracement of 1.7047 to 2.1161 at 1.8619. Such view will still hold as long as 2.0099 resistance holds.