monday night chart - 3 august, page-6

for those of you who are interested in this sort of thing, you may have noticed that today was a little down. From a technical standpoint, the next bar after the last bar on bones chart opened up a gap in price. It is a truism that gaps are almost always filled by a retrace.

I expect that price will retrace to
a) fill the gap, just
b) back test the red upper tine

and then resume it's climb to the blue median line.

For those of you who ask occasionally about the time question, I usually get the height one of the red channels then use that height from the red upper tine to the blue ML, and thats how I estimate it. Not very scientific I know, but it works fairly frequently.

I actually expect price to go a little past the ML, but given that the ords and ASX200 are due to retrace, maybe I am being a bit too optimistic.

For those of you with other interests, it might be worth putting some pennies aside for a ping at AGO at $1.50 (the odds look OK in 2 or 3 weeks)

I will now return to meditating with the Baiyoke Oracle.

t91