elliott wave analysis of xjo & spi, page-61

XJO

Thats my 1st target hit at 5150.

However i am not exactly thrilled with the way the market is setup here, i was looking for some sort of 5 wave decline into 5150, whilst i could count a 5 wave decline the potential is for a gap down tomorrow and a possible "3rd of 3rd".

I think it really boils down to the US having a "bad hair day" later on.

If the US markets were to see some weakness it could drag the SPI futures lower, thus create a gap down.

Short term under 5200 keep this idea alive, but a gap down is needed.

A strong break above 5200 and some other idea is setting up.

I am neutral here, waiting for the US to confirm if the SPI futures will dump later.