Hello All,
An updated to the XMD chart posted back in October . . . . why . . . . because it actually did what I hypothesized!
It is like everything I have learned reading this thread over the last few years all comes together in these charts . . . . . a nice moment of satisfaction . . . I also backed myself in and it has worked out pretty nicely . . . . so thanks to you all for maintaining an excellent level of discussion that helps all of us develop a better understanding of the markets.
http://hotcopper.com.au/threads/nos....2382712/page-3?post_id=14148094#.VO5IhXyUc0E
But now what . . . . . well I reckon that it could head back to test the 50% FIB area before moving higher again.
Pisces said somewhere that the market could totally go off this year, I'm thinking along those lines too.
There are three reasons I think this could happen . . .
1. Another rate cut?
2. Unlike other main world indices we haven't got back to our highs, combined with favorable exchange rates this may bring in a wave of overseas cash banking on us catching up?
3. I read The Daytrader column in the Herald Sun, he was suggesting that the XAO is now set to test the old highs subject to a successful back test and reversal to the upside . . . . despite this sentiment he only has about 8% invested . . . . . I think despite the dramatic rise over the last few months many people have cash sitting on the sidelines (for example WAM is only about 60% invested and are raising further cash through a SPP) a dip back to retest the break and reversal could be the trigger to see all of this cash pumped back in looking for the old highs.
These are just my random thoughts . . . .
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