Cable unfolded as expected towards the downside and the first target was reached and exceeded by 9 pips before reversing directions and moving upwards.
Today`s main hourly count expects Cable to finish its sideways movement before continuing towards the downside, while the alternate hourly count expects Cable to move towards the upside to complete a corrective structure.
The alternate daily count is presented to keep track of the mid-term picture and it does not provide us with any short term significance.
For those new with us, we use confirmations points to determine the highly probable count. So, once Cable unfold below the main count`s confirmation point then the main count becomes the highly probable count. The same applies to the alternate hourly count, once Cable unfold above the alternate hourly count`s confirmation point, then the alternate hourly count becomes the highly probable count. This way we let price action decide for us which count is the highly probable count instead of forcing our view on Cable.