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Thursday, February 16, 2012 1:05:07 PM
AU 30 Minute Chart with Overall Wave Count
Hey Git. I've been trying to wrap my head around why the wave count looked so strange on AU and I think I may have found it.
The new low we saw was actually a Wave B in an expanded flat correction. Don't see those very often so it threw me or a bit of a loop trying to figure it out.
If the count is correct, we should stay below the Wave C highs and move down from here. If we move back above the Wave C highs though, the count is invalid.
This would help explain why it looks bullish even though it's broken below several support levels at the bottom end.
Let's see how it goes.
Hey Git. I've been trying to wrap my head around why the wave count looked so strange on AU and I think I may have found it.
The new low we saw was actually a Wave B in an expanded flat correction. Don't see those very often so it threw me or a bit of a loop trying to figure it out.
If the count is correct, we should stay below the Wave C highs and move down from here. If we move back above the Wave C highs though, the count is invalid.
This would help explain why it looks bullish even though it's broken below several support levels at the bottom end.
Let's see how it goes.
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