Simple's Green Room

[pennies2007]

Hey Heavy, I was looking over the AU 4 hour and daily charts and I have to admit there still is room for one more topside pop based on the daily chart.

Normally, when I see a top end TDI peak like the one we got on the daily, I end the count there...so the 5 waves is complete. But, we know that tops and bottoms are formed at Waves 2 and 4.

The 4 hour chart is working on 5 waves down right now...today likely having completed Wave 3 of that 5 waves. So there's more downside coming. But that 5 waves down, when it completes, will be equal to a big Wave 1 down on the daily chart.

So, the downside might get capped in the 0.7250 to .73 area on AU and then move up again in a daily minor Wave 2 retrace before it finally tops.

With that in mind, the earlier target you had in mind around 0.77 could still be on the table. I have a viable target listed on the daily chart. After that target is hit, the downside movement on AU should be substantial since that would be a large 5th wave movement on price in a large C wave movement.

It's still possible the top is in but I have to acknowledge the possibility here...

AU 4 Hour Chart first and then Daily Chart...