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Tuesday, February 21, 2012 9:47:21 PM
AU Bearish Goodman Dagger Formation
The new 4 hour trendlines here are nicely defined. What I like is that we now have good confirmation of a new bearish dagger forming. That's the key setup for a massive decline coming. What we should see is a 3 wave move inside the trend lines as I have outlined here. So that means we can probably expect AU to bounce up close to the 78.6 fib retrace near 1.0770.
After that, the next move down should begin in a big way. Based on what I see here, the 1.05 area will only be a temporary stop. It's going to fall a good bit further than that.
AU 4 Hour Chart...
The new 4 hour trendlines here are nicely defined. What I like is that we now have good confirmation of a new bearish dagger forming. That's the key setup for a massive decline coming. What we should see is a 3 wave move inside the trend lines as I have outlined here. So that means we can probably expect AU to bounce up close to the 78.6 fib retrace near 1.0770.
After that, the next move down should begin in a big way. Based on what I see here, the 1.05 area will only be a temporary stop. It's going to fall a good bit further than that.
AU 4 Hour Chart...
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