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.
The late day rally on Friday probably suggests the bounce is...
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Last
7,829.7 |
Change
66.500(0.86%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,763.2 | 7,832.3 | 7,763.2 |
| XJO (ASX) Chart |