Well so much for that bounce, although i am still bearish XJO...

Well so much for that bounce, although i am still bearish XJO and CBA, i was thinking we could see a small relief bounce.

So this decline now suggests we can watch 2 ideas.

Idea 1 - Is the less aggressive idea, its still in a small wave [v] of the larger wave [i], so a bit more downside then setup for a better bounce, however this dont really gel with what is going on on the XJO.

Idea 2 - More aggressive and bearish, we should see more follow through today's price action and heavy selling, that will suggest its inside a 3rd wave and a stronger decline for wave 1/A

Unfortunately its at a point where we need to wait for the next bit of price action to help confirm the idea, but if a gap down then chances are its in idea 2

Short term its a sell under $71.00