AI
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Friday, February 10, 2012 10:15:29 AM
AU Hourly Chart with Wave Count
So far, this fits the bill for a new 5-wave impulse series. Watch the retrace closely off of a Wave 3 bottom. If the price moves back above 1.0740 on Wave 4, then it's only another correction and not a new downtrend beginning.
Wave 4 should be some type of slow, grinding sideways pattern...maybe a triangle or a flat sidetrend. That would be the opposite characteristic of Wave 2 which was sharp and quick.
I'm going to wait for validation before I enter another short though. I want to see a full 5 wave completion pattern. Then I'll short again on the ABC retrace.
So far, this fits the bill for a new 5-wave impulse series. Watch the retrace closely off of a Wave 3 bottom. If the price moves back above 1.0740 on Wave 4, then it's only another correction and not a new downtrend beginning.
Wave 4 should be some type of slow, grinding sideways pattern...maybe a triangle or a flat sidetrend. That would be the opposite characteristic of Wave 2 which was sharp and quick.
I'm going to wait for validation before I enter another short though. I want to see a full 5 wave completion pattern. Then I'll short again on the ABC retrace.
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