Technicals | May 18 2015
By Nick Linton-Ffrost
Keep an eye on the 5750 pivot level
We expect price action around the 5750 level over next 3-4 days should determine the ASX200’s (XJO) direction for the next two to three weeks.
If the market can hold above 5750 for a few days that should indicate the dip from 6000 to 5500 is complete and improve the odds for a rally to at least 6000.
However if the XJO carves out a lower high below 5750 over the next 2-3 days we will be looking for a fifth wave lower to the maximum break target at 5500.
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Another trading idea from
Fifth Wave | fwtc.com.au                                             Â
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