elliott wave analysis of xjo & spi, page-20

Potentially a shooting star which i am sure most know is a bearish reversal candle.

The higher the time frame, the stronger the signal is.

Its an ugly peak, but its possible to label a high in place with an ending diagonal.

With the daily candle most likely confirming a reversal its a great start to suggest 5 waves in place and the advance from the June 2013 lows is finished.

If a peak is in place (i suspect so) then the minimum target is the previous 4th wave at 5100. However i am looking muhc lower based on the larger degree ideas.

So looking lower against the highs of today.

The financial stocks moving well, thus confirming the weakness we were seeing last week in stocks like ANZ, NAB and WBC.

CBA appears to be joining the party, which will help this idea.