I told you so,
thats 12 out of 13 correct calls by me on PRU so far.
42.0c close on daily lows, another full red bar down with elevated volume 8M shares
the dragonfly didnt happen like before showing no reversal imminent, INSTOs selling out.
They created a peak at 45c with a technical confirmation 2 gravestone dojis at that interim high following the 3 others last runup at the same point 45-47c
The chart expert
@hoots is wrong, he is now 0 out of 1 on PRU.
his chart opinion was made before the close (a bad technical mistake often made by amateurs) with his small red bar to only 43.5c but it actually closed at a bearish 42.0c.
If he had examined after the close you would see the channel is near break point at 41.0c
he also hasnt explained to you the consequence of all these gravestone dojis at the annual highs 45-47c and his chart actually shows support is at the 39c line and the channel shows a low point is at 41c.
If it breaks 41c then this fictional channel is broken and support looks like 39-40c.
For traders like colinchi and INSTO traders like Aust Super they may enter at this point again if Au price stabilises. But Au price looks weak.
We are headed to 39c-40c imho when the INSTOs may reverse it around there for their run back up and thats what ive called for another re-entry point for the traders/INSTOs.
We will see this in the volume and strong support just like the last 3 times, history repeats, we need to see a dragonfly reversal pattern 42-39 back to 41 for example as that indicates the support cavalry has arrived.
PRU INSTO traders are very predictable and boring. Its been like that a while.
Im not listening to h00ts as he aint following this daily & got the call badly wrong today, it went 1.5c lower after his call! lol!
