Still pursuing the idea of riding the wave down towards a bottom and getting long when an uptrend has developed. Currently short and expecting a move down in the near term. This may give us a wave low either above or below the previous at 0.70024 (MT4 price).
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This shows the double top option that is in play here, as well as the trend move that initiated the sequence.
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Pursuing the short side of the trade. Some progress Fri. Will continue to hold short as an approach to "D" to get long.
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AU is breaking down and should continue on trend from here.
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The pair is set to continue down from here. A catalyst to get through support would help. The move up is broken after retracing over 75%.
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Continuing the short side of this. AU needs to break support here and catch up to AJ which has gotten ahead and isnow closing in on support areas. AU should find support around the 66—68 area. The longer term plan is to get long for the trend up once a bottom has been established. This isn't the bottom here, although the pair is overloaded with longs here.
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AU continues it's down trend, and probably will for a few months to come. We will continue to follow the pair wherever it leads using SLs and buy/sell stops at reversal points for larger retracements.
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The levels for the week ahead. The pair has completed a weekly measured move and is now continuing with a larger, monthly move.
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AU may continue to consolidate here in a tight zone, or the upcoming RBA rate decision could help it break out. The pair should continue down for a few more months. Multiple levels of historic support are available below.
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short from .7014. Double top brings .6705 into play.
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we may get a two day rally here with limited upside, or it may just continue down further below the previous low.
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Should get a break down to trend and complete the measured move from the double top.
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Close up with a timeline. This is a fixed scale. The 45° angle is the 1/1 line in a Gann fan.
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The pair closed the week 0.3 pips below the previous high. Expect a reaction off the 3/1 line early next week.
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same set–up, different view.
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On a shorter time frame it looks like au has a double bottom and should go higher, however; on a daily or weekly chart it is has made a perfect double top from May to July which completely overrides and short term formation. Looking for something around .66—.6650 as the down trend continues.
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*any short term
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May be heading for another wave top around 6882. It could also turn at the 50% line. The underlying trend is still down, but we may get a counter trend move next.
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correction: 6982 for a wave high zone, 6881 if it gets turned at the 50% line.
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The underlying trend is still down. We may, or may not be coming out of a month of consolidation between the Jan. 2016 low and the Jan. 2019 low. Currently the pair may correct higher, but may turn at the 50% area.
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Finally broke out of congestion, but we're back into the box again. This time it's moving on trend so far. It's crossed the 25% line going down, so should continue now. The extension shows a bottom around 0.65. We have had major support at 0.67 three times now. Playing the "fourth time through" odds here. Staying short from 6853.
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possibly higher to the 50% area…
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possible 200% move off the double bottom