Replies to post #113565 on Simple's Green Room

[Qui-Gon Kagi]

I should mention that the verticle red line on my chart sits on the daily candle where the low is that I set my 1st primary fib box low line on. I should also mention that though this looks to be a 5th wave that GJ is in on the daily I'm not assuming a reversal or that we've finally hit the top just because of this bearish red candle friday. G/J just had a bearish tenkan/kijun crossover on the 4 hour chart but there's no guarantee that the daily price action won't carry the tenkan back up through the kijun again. The TDI baseline is at the 68 level on the daily. Hard for me to have any conviction in a short in this price range though.

[pennies2007]

Mine is a 4 hour chart. The area marked with the arrows is where I have the first fib box drawn in.

Overall, I would expect a lower move based on the fact that price broke below the larger wedge and was rejected Friday on a retest of the wedge. But we'll have to see how it goes Sunday and Monday.