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Thursday, March 01, 2012 3:59:56 PM
AU 4 Hour Chart
Hey Git, take a look at this for me. I've been trying to work with this wave count for a while and it just doesn't add up any other way but an expanded flat. Normally a new high would set us up for a major breakout but it stalled out and pulled back hard. I've been digging through the Elliott Wave Principle book and this is the only pattern that fits the odd movements we've seen so far.
If it's right, then we'll make a slightly lower low on Wave C to the downside and then the sucker explodes up for a final fifth wave to head towards 1.10 - 1.11.
After that, it makes a great short on the way back down.
Of course, it could just totally fall apart from here and never look back. I'll be out at 1.06 just to be safe though.
It's either an expanded flat or the first large 3 wave movement down where I have wave A marked was a shallow ABC correction and it's ready to explode to the topside now. But I can't make that jive with the way the equity charts look right now. So a pullback on equities and AU at the same time makes more sense.
Hey Git, take a look at this for me. I've been trying to work with this wave count for a while and it just doesn't add up any other way but an expanded flat. Normally a new high would set us up for a major breakout but it stalled out and pulled back hard. I've been digging through the Elliott Wave Principle book and this is the only pattern that fits the odd movements we've seen so far.
If it's right, then we'll make a slightly lower low on Wave C to the downside and then the sucker explodes up for a final fifth wave to head towards 1.10 - 1.11.
After that, it makes a great short on the way back down.
Of course, it could just totally fall apart from here and never look back. I'll be out at 1.06 just to be safe though.
It's either an expanded flat or the first large 3 wave movement down where I have wave A marked was a shallow ABC correction and it's ready to explode to the topside now. But I can't make that jive with the way the equity charts look right now. So a pullback on equities and AU at the same time makes more sense.
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