Replies to post #138105 on Simple's Green Room

[pennies2007]

The only thing that's really got me confused here is that this entire rally on AU off the lows still only counts best as a big ABC correction...like a big Wave 4 movement.

Rallies don't start with 3 waves up...they start with a big 5 wave correction. The Elliott Wave count still says that AU has another daily low to make before it can base and rally harder north.

So I'm still thinking we see a new daily low on this pair first. Of course, I've been wrong before...LOL!

AU 4 Hour Chart...

I'll add one more AU short in the 0.76 area and then I'll be done with positions for now. Then I'll just wait for the inevitable.