I should clarify that the picture I posted was only schematic and not the exact model I want to use. Therefore I think your solution is good enough.
However, I was kind of hoping I wouldn't have to do a telescope function. Instead I would of liked to build the cable chain inside PS and then scale the upper and lower part in positive and negative direction, while the arc is translated half the driving joint, like you suggest.
In our old simulation software the formula for a cable chain could look like this: