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Friday, March 18, 2016 1:09:56 PM
AU Weekly Chart
I'm going to go ahead and err on the side of safety here and say that we've seen a Wave 3 push up on the weekly TDI. This area represents a key test of prior resistance and the daily wave count says we need 5 waves back down total. I'm looking for a test of that key candle level at 0.7138. I'm setting TP on all my AU shorts to close at 0.7165 which is above the 61.8 retrace of the entire move up off of the lows. That's the typical minimum movement back down that we see on Wave 4 setups.
After the next pullback, we'll possibly look for long positions.
I'm going to go ahead and err on the side of safety here and say that we've seen a Wave 3 push up on the weekly TDI. This area represents a key test of prior resistance and the daily wave count says we need 5 waves back down total. I'm looking for a test of that key candle level at 0.7138. I'm setting TP on all my AU shorts to close at 0.7165 which is above the 61.8 retrace of the entire move up off of the lows. That's the typical minimum movement back down that we see on Wave 4 setups.
After the next pullback, we'll possibly look for long positions.
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