Cable is at the point of a long-term reversal
This is a quite credible structure, meaning 1,20 may become a foundation for a solid long-term growth.
Lyrics apart, this may be the end of the impulse and a reversal point.
As the alternative, please bear in mind, that price has a potential to drop further 500 points lower within a base channel on a weekly chart.
Anyway, look at the price action that is to follow the test of 1,2 area.