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Tuesday, March 15, 2016 5:36:39 PM
Definitely agreed on the move being counter trend. The weekly channel I have here on the chart shows that we've likely hit a large Wave 3 bottom and this is a Wave 4 move back up.
The total channel shows a 1-2-3 count down so far...almost all of these channels form with 5 complete waves. Wave 4 up is in progress but, based on the current 4 hour wave count, needs a pullback to that equidistant trendline I have drawn in.
Longer term, AU will move up again but is very likely to get tanked by that Wave 4 peak I have tagged.
The total channel shows a 1-2-3 count down so far...almost all of these channels form with 5 complete waves. Wave 4 up is in progress but, based on the current 4 hour wave count, needs a pullback to that equidistant trendline I have drawn in.
Longer term, AU will move up again but is very likely to get tanked by that Wave 4 peak I have tagged.
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