Well I'm going to "stick his head out" as we go into the weekend and cry WOLFE....!
THE most common charting pattern for the XJO.XAO is a Wolfe(Broadening Top) Pattern ... more common on L/T charts(Weekly) but also common on a Daily.
Sometime's they are that Common that some prove to be a "figment of my imagination"....hahaha!
Anyway, for what it is worth, just maybe XJO's action over the last couple of months or so is yet another of those Wolfe's being mapped out ... For all I know we could have even formed a "failed 5th"(for a Wolfe not in EWT terms) at today's high as I note on a Weekly chart 5814 is a strong resistance Weekly close high level since our last major Wolfe Pattern(shown on both a Weekly and Daily) two years ago ... i.e. our post GFC low rally highs(~ 5996).
Sure, as shown on a Daily, the XJO could still go up to between 5850 -5900 and still 'satisfy' this pattern format so a call of a "failed 5th" could be squashed as early as Monday!
Have a great weekend, guys/gals.
Weekly "Wolfe's" ...
Daily Wolfe's and maybe our next????
Weekend Charting and Chat - 17th March 2017, page-3
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Last
7,950.5 |
Change
-152.700(1.88%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,103.2 | 8,103.2 | 7,928.5 |
| XJO (ASX) Chart |