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1。
The close of that price bar must be lower than or equal to the price bar's。low two price bars。earlier。
2。
The close of that price bar must be lower than the prior price bar's。close。
3。
The close of that price bar must be lower than the close of the prior countdown price bar's。close （note that the first price bar in the countdown series。has no prior price bar close）。
4。
The low of that price bar must be lower than the prior price bars。low。
Because countdown consists。of a total of thirteen price bars。that conform to the aforementioned prerequisites； or slight variations。of them； one can readily see that the conditions。necessary for countdown pletion are strict and exacting。 The same requirements； in reverse； apply to sell countdown。
Once a TD Sell Setup of nine consecutive closes。higher than the close four price bars。earlier is。recorded； the sell countdown process。begins。by referring back。to the first price bar of the sell setup and making the following parisons：
1。
The close of that price bar must be higher than or equal to the price bar's。high two price bars。earlier。
2。
The close of that price bar must be higher than the prior price bars。close。
3。
The close of that price bar must be higher than the close of the prior countdown price bar's。dose （note that the first price* bar in the countdown series。has。no prior price bar close）。
4。
The high of that price bar must be higher than the prior price bar's。high。
Figure 2。3； the Philadelphia Gold and Silver Index （XAU）； illustrates。examples。of both TD bo low…risk。bottoms。and tops。 Beginning December 21； 2005； and continuing the next eight consecutive trading days； the minimum TD。Sell Setup requirement of consecutive price parisons。of closes。higher than the close four price bars。earlier was。fulfilled。 The numbers。for the sell setup appear above each price bar； and the series。stops。at nine because that is。the minimum number of consecutive price parisons。to plete a sell setup。 Upon pletion of the sell setup； countdown mences。 Unlike with TD Sequential； the countdown process。of TD bo refers。back。to the first price bar of the sell setup。 The lour prerequisites。described earlier are then applied to each successive price bar。
Figure 2。4 provides。a closer look at the same chart。 Note that the close of day one of the sell setup failed to fulfill qualifier No。 1。 It was。not higher than or equal to the high two price bars。earlier。 Consequently； sell countdown is deferred until possibly the next trading day。 The close of sell setup day two is。higher than or equal to the high two days。earlier。 Also； the close is。above the previous。day's。close； and the high is。above the prior price bar's。high。 The requirement of a close above the prior countdown close is。not applicable because there was。no prior countdown close。 Sell setup days three and four do not qualify asuntdown days。because both have down closes。and qualifier No。 2 requires。that the close be higher than the prior price bar's。close。 Sell setup days。five and six meet all the sell countdown qualifications。 Sell setup day seven does not qualify because its。close is。lower than the prior price bar's。close。 Sell setup price bars。eight and nine do meet the requirements of sell countdown。 At the time of pletion of sell setup； there are already five sell countdown days。 For the sake of parison； note that TD Sequential would only now begin itsuntdown process； but at the same time； the countdown requirements。for TD Sequential are less。restrictive—in fact； TD bo has。four times。the number of rules。that TD Sequential has。 Moving the process。forward； two days。after the sell setup ispleted； the sell countdown series。increases。to six； and the next four trading days。do not meet all the requirements。 January 13 and 14 do meet the requirements； and the countdown proceeds to seven and eight。 After a five…trading…day interruption； the countdown quickly records。five consecutive trading days。that meet all the countdown rules； and on countdown day thirteen the rally high is。recorded and price declines。
Price Exhaustion。and Reversal
TD bo is。designed to anticipate areas。of price exhaustion。 It is。the exception rather than the rule that TD bo countdown day thirteen will coincide with the precise price exhaustion peak。or trough price bar； but often it will occur within a couple of price bars。of peak。or trough； and it will alert a trader to a market's。vulnerability to a price reversal。 Once countdown pletion has。been recorded； at a minimum； one can expect price to undergo a trading range before it is。able to resume its。trend。 However； if there is。no meaningful price response after twelve price bars。have lapsed； the likelihood of a price reversal upon TD bo countdown pletion diminishes。 Consequently； in these instances； often the market is。undergoing an interruption in the prevailing trend。 In either case； TD bo inserts。a level of discipline into a trader's。methodology。 As。is。evident in Figure 2。3； the peak。price day and volatile trading day of the entire sell setup and countdown period coincided with pletion of sell countdown and the expectation of price exhaustion and a price decline。 Very optimistic。news。regarding precious。metals。was。more than likely associated with this。trading； and that information served to entice traders。into the market and exhaust the near…term upside。
The subsequent market decline did culminate in the formation of a buy setup and； as you can see in Figure 2。5； because price perfection was。fulfilled on February 15； the same day as。the pletion of the buy setup； there was。a reflex rally of four trading days。 Then the decline resumed as。did the countdown process。 As。is。often the case； the countdown series。did not quite reach thirteen pletions； rather only ten price bars fulfilled the countdown criteria。 Once the March low was。made； price rallied and the TD bo sell setup seriesmenced； reaching the minimum requirement for pletion。 The countdown process。was。then activated； making parisons。starting with the first day of sell setup on March 24 （see Figure 2。6）。 Days。one and two of sell setup were countdown days。one and two； as。well； because their respective closes。were higher