Hello, I dont have any issue with it, Hot Copper is a free forum, i simply created this thread to try and keep some ideas together, so it was easier for readers to look it up.
Certainly not to rival the other XJO thread.
I appreciate some people dismiss TA and have no respect for any form of TA, let alone Elliott Wave, thats fine then they can "jog on" somewhere else, i dont want to read posts about other non TA relevant stuff.
So by all means post away i am sure readers will find some benefit in your work.
I did some work about 4 months ago, a member gave me a list of market sectors and i took the time to work out what makes the XJO "tick" so to speak, it was then i started to check out the sectors and their relevance to the XJO.
Now that is common knowledge to Australian traders, but i am non Australian, so i had to start from the ground up. A good thing as i dont have a bias, my bias is to price and patterns, aka what i see.
Compared to the SPX the XJO is a dream to trade, i guess its because it does not have the influence of the FED, which is making patterns on the US markets very troubling to trade.
If anyone is curious, my bias atm (i stress atm) is bearish, i am looking for a potential peak.
I see a 3 wave move on the XJO and XFJ.
If the market changes i will change, if need be i will get VERY bullish if the market suggests that it wants a lot higher.
As its stands i see the very real potential for a major top.
I will trade it so until it suggests otherwise.
To an Elliottician a 3 wave bounce means a lot as it suggests (please note the word suggests) that its a corrective bounce against the decline from the 2007-2009 decline.
I know it maybe hard to accept that the XJO maybe, perhaps might, actually move lower, but i dont care about the whys or hows, i simply rely on my interpretations of what i see and if i see a pattern i understand then i will trade it accordingly.
The fact that this has lagged many other world markets IMO is a telling sign that this is counter trend bounce.
Its met its projections, so its up to the bears to deliver, if other world markets reverse then it will suggest this setup could work out, but as its a weekly chart its just a potential road map and may need adjusting along the way.
It may even need binning and i get mega bullish if the market suggests the market wants to move to 7000.
I dont know the future as much as anyone else, i trade whats in front of me.
But i am bearish, my bias is bearish, just so there is no misunderstanding, my reasons are because of the charts in this post.
60-240 min charts are where you make the $$$. Charts of this scale take too much time to find out if your are wrong, i could be waiting years to find out if this idea is right.
Too long for me, in the meantime i could have traded a 100 set ups.
However if this is setting up for a large move lower it may just surprise you.
DYOR
I have been wrong before, i will be wrong in the future.
My motto is dont be wrong for long, if the markets changes, change with it.
(20min delay)