Posted is my thoughts on cable in intermediate, medium, and long term.
In the Intermediate Term, ITD timing is recently still pretty stretched out and therefore it's a little difficult to precisely time the Intermediate Term. If my ITD position in my last chart is correct, then ITD 6 low should have been due around Nov 27. Since MTD is pointing down, it's possible for a late coming of ITD 6 low, and thus I expect one more low below 1.646 before ITD 6 low is IN. Again, ITD position is strecthed out and not very clear, therefore confidence is not especially high in the Intermediate Term.
Medium Term outlook is more clear and has higher probability. As can be seen in the MTD chart, the last two MTD cycles show that MTD is travelling down until end of December. Therefore, it's likely that medium term trend is travelling down until the end of December. I expect MTD 8 low to be due around end of December.
Long Term outlook is also not very clear because we are in a possible LTD inversion time zone. If you are someone who are bullish in the long term, then the line in the sand is 1.57 (LTD 18 low) and this means that SLTD 4 low is due there. If this is the scenario, then expect range trading between 1.57 - 1.7 for 2 or more months before 1.7 is broken. If you are someone who are bearish in the long term, then it's possible that LTD (18) is due at MTD 7 high, and that we are travelling down in the long term and ultimately breaks 1.57 without breaking 1.7 high. This will probably correlate to the equity market as well. If you believe that equity has topped out, then you should probably use the LTD (18) at MTD 7 high count, and if you believe that equity will keep rallying for another 10-15%, then you should probably use the SLTD 4 low at LTD 18 low count.
The bottom line is that IMHO the clearest outlook is in medium term, where cable should be in medium term downtrend until end of December.
