Simple's Green Room

[Heavyweight]

And a good question too. Who can say for sure? I can't say that it's gonna make a new low cause near term the price action trend is up. I would consider 50% of the current move and leave the rest but as it continues to move upwards the TP does as well though the percentage remains the same. Usually on rising wedges, the TP is around where the wedge begins IMO. Now the spike started around 7434 and that will have to be completed but who's to say that it doesn't run up to 7728 or higher before coming down and completing it at a later time? Then your risk/reward ratio comes in to play. If AU is setting up for a wave 5 down, then that's gonna be essentially a double bounce and price may not go all the way to create a new low because the TDI wave pattern is already pointing down. A new low would mean wave 5 terminates off the chart which isn't happening. My guess is it comes up short and makes a larger move upwards. Take profits when you can.