I think the Aud could decline into Jan 27-28 as this is the confluence of the 3 and 6 month cycles from 2 different peaks.The red square is not a predicted low,just outlining where price and time support coincide ie just a possibility.On the second chart I put in some measured moves and a double top projection.
I just noticed the double top projection is drawn wrongly so ignore the blue thick lines
ReplyDeleteI love that chart CR. It's a beautiful thing in its simplicity. Much like yourself.
ReplyDeleteI don't think it would be unreasonable though, to apply the pitchforks to points that are slightly more current, as I've drawn it in this chart for example.
In either case, we're taking a bit of a risk assuming the recent peak of Jan. 4th is truly a top. If it turns out that it 'is', then I wouldn't be surprised that the move lower is a bit more aggressive. In any case, thanks for all you do. You put up some great charts here my friend.
http://stockcharts.com/h-sc/ui?s=$XAD&p=D&yr=1&mn=9&dy=0&id=p94518524143&a=253060790
ReplyDeleteThat's very kind of you to say AR . I am definitely simple,not sure about beautiful. Lol Here's to nailing some big moves in the New Year !
ReplyDeleteOut of curiosity, it appears that if one were to move the pitchfork over to AR's points, that would significantly alter the trajectory of AUD downwards, while it seems possible, is that reasonable?
ReplyDeleteAbsolutely...a fork within a fork,but as AR said we don't know for sure that last week was a high yet.The doji needs confirmation with a lower low
ReplyDeleteInteresting, will keep an eye on it. Definitely agree though that AUD is about to get shellacked to the downside, would love to see it tank. A top near 1.038 last week definitely looks in the realm of possibilities, would imagine if DX continues to rally, AUD will get hit hard.
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