You said: "Great chart that suits any market direction."
I'm just sharing the charts as they are found and not manipulating the charts to "suit" any situation. They depict the technical picture as projected by the technical analysis techniques that can be readily duplicated by anyone. I guess if you are looking for more than just plain vanilla charting the way I have done, you might wish to participate in the XJO- ASX by stock forum rather than just the Charts forum here, as there are serious and detailed discussions on the XJO there pertaining to direction of the XJO. Anyway, thanks for your comments.
Having said that, for those who are interested in following the progress, here are two more charts as updates:
Chart- Time Price Projections using Fibonacci as at 17th March ==============================================================
Observations ============
1. Index is still holding above the 61.8% retracement level as shown 2.We are on the projected TIME DAY today 18th march 2011. Time days are valid plus minus a day- so we are on the look out today and Monday. Will there be a temporary turning point, or will this time cluster just pass over without being eventful? Let's watch over these two days. 3. DTOscillators have turned positive as shown.
Harmonic Patterns as at 16th March =====================================
Let's take a look at the harmonic patterns so far. The chart is based on data as at 16th March( yesterday's data not included).
Observations =============
1. The past major harmonic pattern of the ideal Bat in uptrend was completed as shown in the iBat pattern with its two wings shaded in yellow and with its X-ABCD pattern as marked.
2. The current major harmonic pattern formed by the falling prices is that of an ideal Crab pattern in downtrend. There are 3 possible configurations of this iCrab pattern, with the first 2 iCrab patterns already reached and completed as shown on the chart. There is a 3rd and larger (lower) icrab pattern as indicated on the chart as well- this is not completed. The presence of this 3rd icrab configuration does not necessary mean the index will fall further to complete the pattern. It is a mere technical projection that serves to highlight the possibility of it occurring in the future, nothing more. It may or may not occur. I'm just presenting it as it is found, and NOT making it suit all situations. This will become clearer if we continue to track and update.
3. Price has held at the completion of the second icrab pattern so far.
4. Below the harmonic pattern, the macd is shown to provide some technical guidance of where we are at present.
(20min delay)