Replies to post #136586 on Simple's Green Room

[quanticopious15]

Hey HW......you forgot the monthly swing low trend line on the main chart which price has currently consolidated at and appears to be maybe bouncing off now. And if you look at the weekly chart, you can see bullish hidden divergence on the TDI wave lows. But us shorts are trading off the 4 hour chart so it's all good right?

[pennies2007]

Nope, looks good...except for the fact that it's going back to near the daily lows at a minimum and more likely a new daily low before it bounces...LOL!

Look at the tiny IHS pattern at the end of your TDI. The second shoulder hasn't dropped yet. Even once it drops, the TDI has to break above the IHS neckline and then come back down to test it again before the final low is in place.

Basically, that whole small cluster on price action is consolidation. Look at the previous consolidation period and then the drop afterward. It's a drop-base, drop-base pattern and they usually come in sets of 3 before they end. There's only been 2 so far.

That being said, AU could move up for one more quick high before it tanks. The daily Wave 4 will kill it sooner or later.

TP still set for 0.6910 unless price moves up a bit further.

But, I've been wrong before. :-)