I think it was me that started the suggestion of a March low around the middle or a bit later of March with several thoughts, some based on Armstrong plus other confirming arguments.
ninelives, with his interest in Armstong, added a multitude of more detailed reasons that almost made it mandatory, lol.
I still like the time period but I have one concern.
I have mentioned several times that waiting for a perfect EW completion cost me in my early trading and I no longer put as much weight on EW as I once did. The reason was because often the last expected minor move didn't happen.
All the same I am obliged to present one EW count and others may see it differently.
The main point is that since the early Jan top, for a "perfect" EW finish, we really need another 200+ pt multi day rally and a final leg down.
Since the Jan top we had 12 trading days down of about 500 pts then a 250 pt rally and now 15 trading days down for about 450 pts.
EW perfection would suggest another rally and another move down.
XJO 3346 on a daily close would normally be the max for any rally before that further leg down starts although you can get overlapping in a final creeping down action.
Here is the chart as I have labelled it. I also repost Oliver's Dow chart which is a bit out of date but shows a possible target.
If a low is seen beyond probably March 23 then we might need to consider Armstrong's April 20 turn which would normally be considered a high but is not necessarily an equity downturn but a major change in some aspect of the economic and financial environment.
- Forums
- ASX - By Stock
- XJO
- weekend chat
weekend chat, page-39
-
- There are more pages in this discussion • 66 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add XJO (ASX) to my watchlist
(20min delay)
|
|||||
Last
8,221.5 |
Change
10.200(0.12%) |
Mkt cap ! n/a |
Open | High | Low |
8,211.3 | 8,226.5 | 8,199.7 |
Featured News
XJO (ASX) Chart |