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Monday, August 05, 2013 8:35:32 AM
AU Weekly Chart
The TDI hook is in full play here. TDI hooks have a unique characteristic...during a down trend, the TDI will push outside the blue volatility bands for a time. Then, the TDI will "hook" back up inside the bands. Then, we typically see one more push lower, usually high volume, to wrap up the sequence. After that, the price action sets up a recovery maneuver that takes the TDI back up hard.
In this case, I'm looking for the TDI to retest it's broken trendline. At the same time, I would expect price action to do the same, pushing back up to a minimum target of 0.9880.
Believe it or not...but that's what the chart says.
The TDI hook is in full play here. TDI hooks have a unique characteristic...during a down trend, the TDI will push outside the blue volatility bands for a time. Then, the TDI will "hook" back up inside the bands. Then, we typically see one more push lower, usually high volume, to wrap up the sequence. After that, the price action sets up a recovery maneuver that takes the TDI back up hard.
In this case, I'm looking for the TDI to retest it's broken trendline. At the same time, I would expect price action to do the same, pushing back up to a minimum target of 0.9880.
Believe it or not...but that's what the chart says.
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