The idea here is that Cable appears to be holding the 50% fib level recently established. This sets up for a move to extend down toward the 1.22 zone. The trade is still valid as long as there is no violation of the 1.27 level. This provides a wide enough stop so that the projected level can be reached. The probability of the target being reached increases dramatically the longer you stay below 1.27. Keep in mind that there may be some backing and filling and even testing the 61% retracement level before actually moving down in earnest.
