The structure off the June 2013 lows suggests this is currently in a 5th wave, so a I suspect a terminal 5th wave, although currently I am watching 2 ideas, holding above 5200 suggest more upside that could still see a move into the 5300 area.
My preferred idea is the ending diagonal option (bearish wedge) although many world markets are waiting on the FOMC later this week.
So I suggest waiting for the contract roll over as well as the FOMC to pass, we will have a better idea on the markets after those events.
Once the top is in place we should see an aggressive reversal to the downside.
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- asx setting up for a large sell off &reversal?
asx setting up for a large sell off &reversal?
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