DJIA looks like it's in a complex wave 4 at the moment. Since it broke the May 2011 top it's been consolidating above that level. I think TWIST finishes at the end of June (?) so maybe insto's are in distribution / churn mode, having captured the meat of the move up. I can't help thinking there would be one more push higher for a wave 5 at the end of June if this is the case, pulling in retail and setting up for a correction at the end of twist.
Looking at the Transports (DTX) they haven't moved to new highs yet. No Dow Theory confirmation. The count looks similar though with alternate 2 & 4 corrections and no overlap. Wave 3 looks a bit dodgey I know. It's holding the 200ma at this stage. I wouldn't rule out a false break down out of the triangle before going up into the end of June to complete a 5th and test the July 2011 top. May or may not make a new high. Non confirmation of Dow Theory would suggest no new high.
as you can see I'm trying not to over think this lol
.
- Forums
- ASX - By Stock
- XJO
- redbacka's - blue funk thursday
redbacka's - blue funk thursday, page-58
-
- There are more pages in this discussion • 11 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
8,214.7 |
Change
-8.300(0.10%) |
Mkt cap ! n/a |
Open | High | Low |
8,223.0 | 8,223.0 | 8,200.0 |
Featured News
XJO (ASX) Chart |
The Watchlist
RCE
RECCE PHARMACEUTICALS LTD
James Graham, MD & CEO
James Graham
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online