Replies to post #139306 on Simple's Green Room

[pennies2007]

It looks like a Goodman wave form. Those terminate at the 50% retrace levels and are separated by a thin leg, which we already have, and a fat leg. That would make the next leg down slower by contrast...choppy price action but in a steady down trend to make new lows.

[pennies2007]

Here's a bird's eye view of the same NJ 4 hour chart showing a similar pattern. Sharp move down gave us a TDI trend breakdown. After that, price oscillated back and forth to the downside for a considerable distance. The retraces in between were very sharp 3-wave patterns, just like we have now.

[pennies2007]

And here's the NJ daily showing a potential lowside target of 69. There's also a gap in the chart sitting around 71.50 that hasn't filled yet.