AU may test nearest support but I expect an attempt to reach the MM support around 7510. May be a sell for the second larger leg down, or wait for a long around the lower support. Looking for a short, then looking to buy around the lower support area.
Comment:
So far I do not see a good sell signal bar. The current bar keeps closing above 50%. So I'm waiting. Behaving more like a trading range at this point.
Comment:
Decided to short anyway based on prior bear strength and the moving average. 7617 stop above the prior swing high. Target is the 7518 level. Happy trails.
Comment:
Short from 7518 stop is above the micro-db top holding for the possible 2nd leg down.
Comment:
closed this trade 7613. there is a higher low double bottom and evidence of good buying so better to get out while the market allows it.
Comment:
after the double bottom and a failure to take out the new lows, it was clear that support was holding. The weekly is in a tight trading range so watching for more information.