The cable is bullish and moving for correction after the strong impulsive move had taken place last week. What's happening now is the move for correction, perhaps, to 50 or 61.8 fib level before looking for a buy setup: the price must form a new higher-low that will break the current higher-high and print a price action signal (like the bullish engulfing or bullish pin bar candlestick pattern) on the chart before we take a trade decision.
Scenario: If the market moves down to the extent of breaking the previous immediate high-low, then we can say there is a change of direction which is called a "choch", as analyzed in the price chart above.
Scenario: If the market moves down to the extent of breaking the previous immediate high-low, then we can say there is a change of direction which is called a "choch", as analyzed in the price chart above.