The Bear Room, page-2371

I still think ASX 200 has another 3-5% in it before the big sell off.

Had another look at the Zip Chart and see it failed at the 200 Week EMA and also the Fibbonacci 0.128 retrace.

If you recall when it was flying high to $14 I said it was 3 wave moves which would essentially see it retrace to its origins and below $1.

Well as the fall was so rapid and severe i was counting it as an impulsive 5 wave move but looking again it can be counted as a 3 wave move.

This would be validated by the move off the lows as a C wave in an ABC correction.

It cannot be counted as a new bull moves as it does not conform with the channel requirements for the 5 waves but 5 waves can still be present in a corrective C wave/

The 5 th wave in C does not look to be complete and we may see a slightly higher high but unless it can conclusively close above that 200 EMA on a weekly basis then we might be just about done for the retrace before the next leg down which should equal or surpass recent lows..