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ASX 200 @ Mon 2 Dec 13
From the September 27th post: “The May/June sell-off counts well as wave-4, altering the target range to 5315 – 5480 (red horizontals).”
See the DAILY and WEEKLY charts. Today’s breach of the potential 1st wave low at 5284 (green horizontal) suggests this down leg could bottom around 5050, near apparent support from the key moving averages (gold 200dsma and magenta 65wema).
That could turn out to be another higher-low, or it could be just A of a larger 3-wave correction. Time will tell.
A breach of the 4th wave low at 4632 (magenta horizontal) would promote the view that a 5-wave rally from August 2011 topped on October 28th at 5395.
To date the rally from March 2009 has retraced a Fibonacci 62.6% of the sell-off from the 2007 all-time-high.
Hey K, Yes I will set up a seperate thread.
Is there a way to present charts more clearly than as shown above?
BTW not too keen on the green avatar … is there a non-green one that waves?
ASX 200 @ Fri 27 Sept 13
The WEEKLY chart shows the (bullish at the time) count described in the May 3rd post as “potentially elevating the target range to 5480 – 5570” … that count saw a multi-year ending diagonal underway from August 2011 (ie. a 5-wave rally).
The May/June sell-off counts well as wave-4, altering the target range to 5315 – 5480 (red horizontals).
The DAILY chart takes a closer look at the potential wave-5 to date; it may have already topped here but could yet complete one more down-up sequence.
Perhaps significantly, at today’s 5314 high, waves 1 and 5 are the same length (differ by just 0.6 of one point).
At today’s high, the rally from 2011 sports actionary sub-waves (ie. 1:3:5) in the ratio 100:185:100.
Confirmation of the larger count is a breach of the wave-4 low, well below at 4632.
