Replies to post #133029 on Simple's Green Room

[pennies2007]

You don't really have to be an expert on wave counting. Just have to be able to count 5's and 3's and learn a few basic facts on how the waves set up. Corrections are the hardest to count by far. Impulse waves are pretty easy.

Our game plan right now is to wait until that 4 hour TDI pattern plays out. When it bottoms and we get the first 1 or 2 green 4 hour candles and the TDI turns up, it's time to get long.

[pennies2007]

Here's an hourly NU chart with projected low side targets. Ideally, it'll bottom around 0.7618 or so but the ABC targets are actually calling for lower bottoms starting around 0.7603. The bottom could fall anywhere in those areas depending on when the 4 hour TDI wraps up.

Normally, the last portion of the TDI pattern shows the most intense selling so it could drop further than we think. We'll just have to wait and see how this next wave down unfolds. Could be pretty linear with only small counter trend bounces in between.