XJO 0.86% 7,829.7 s&p/asx 200

The late day rally on Friday probably suggests the bounce is...

  1. 178 Posts.
    The late day rally on Friday probably suggests the bounce is wave [iv], so target towards 5125-5150 then setup for a move lower in wave [v] towards 5000 and end a 5 wave decline from the yearly highs.

    After a 5 wave decline is in place, it can setup for the legendary X mas rally that many traders speak about.

    A 5 wave decline is what the bears want to see and will add evidence that a significant peak is in place.

    Until we have a 5 wave decline i cant be confident a peak is in place.



    The more aggressive idea needs to stay below 5134 and puke more on Monday.

    A strong rally above 5282 will negate the primary idea.


    My long term ideas are above, so no need to post those.
 
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