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Wednesday, February 29, 2012 9:09:52 PM
AU Chart with Possible Wave Count
Very likely Lazyman. I just got a chance to get home and look the chart over. Right now, I don't see any evidence that the low on AU today was the bottom. As a matter of fact, the TDI made it's lowest low on both the 5 minute and 15 minute charts as AU plunged.
That suggests that the low today was a wave 3 bottom, not a fifth wave bottom.
The bounce off of that low is suggestive of fourth wave activity and it's bounced almost to the 38.2 fib of the entire wave 3 length. Also, since the prior Wave 2 was sharp and quick, it makes sense that Wave 4 would drag around since they are supposed to show opposing characteristics.
So I would still expect a new low on AU from here if this is a true five wave sequence.
Very likely Lazyman. I just got a chance to get home and look the chart over. Right now, I don't see any evidence that the low on AU today was the bottom. As a matter of fact, the TDI made it's lowest low on both the 5 minute and 15 minute charts as AU plunged.
That suggests that the low today was a wave 3 bottom, not a fifth wave bottom.
The bounce off of that low is suggestive of fourth wave activity and it's bounced almost to the 38.2 fib of the entire wave 3 length. Also, since the prior Wave 2 was sharp and quick, it makes sense that Wave 4 would drag around since they are supposed to show opposing characteristics.
So I would still expect a new low on AU from here if this is a true five wave sequence.
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