AU had miss on the Jobs Report, which spiked it down. This after NU got a serious boost from RBNZ rate surprise. We are now at an important support that Bulls need to hold.
.67822-840 is immediate support and Ideal bounce point. .67728-758 is next support, would be an acceptable bounce. .67458-480 is a long way down, better bounce hard if reached.
This is an update to my .
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So we lost the immediate support at time of posting. But we have a wee bit of a bounce off the "Acceptable" bounce zone
Zoomed in, we see a clean ping of the Top of Boundary of the zone But we can also see that the red fib above (at .67822) will be tough resistance.
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AU still following its Fibs perfectly. In particular, notice the exact reflection at the blue arrow that line was a tight confluence of 3 different fibs, and it shows the power of such confluence.
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AU finally cut through the "thin red line" of resistance to fight the fat one above that thin red line was a tight confluence of several fibs and thus the fight. Now I am expecting a grind into this fat but diffuse resistance zone.
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As expected, the fat resistance zone is pushing its weight
Zoomed in to see the Exact Reaction to the Mid line (a fib of course) but ALSO note the subsequently higher ping into that zone. Now to see if the pullback bounces off the "thin red line" below.
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Just as expected, AU is pulling back form the "Multi-Layered" resistance
Further, bulls should be concerned that the "thin red line" around .6823 was not able to be flipped into Support Bulls would have ideally held that line, but perhaps all is NOT lost yet.
Throwing a fib on the pullback thus far: Looks like .68040 will be the KEY support that Bulls must hold. If it breaks below, then we may revisit the .6782/84 local bottom.
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so much for .68040 per the last snap above. Now eyeing .67950 which will be Bulls Last Stand the 4.236 should be end of this wave down. If bulls can not hold .67950, the next support below probably will not hold either ...