Technicals | Sep 26 2016
By Nick Linton-Ffrost
Sideways before lower
We suspect the ASX200 is in the process of completing a (B) wave within a structure correcting the seven month rally from 4700 to 5600. The implication is for 5-10 days trading between 5250 and 5450 heading south via wave (C). Trading above 5450 for more than 3 days negates our view.
Downside Targets
- the bottom of wave 4 around 5000
- where (C) = (A) at 49080 based on assumption that (B) tops out around 5435
- channel break target =4750/4800 (i.e height of channel subtracted from line break point)
Another trading idea from
Fifth Wave | fwtc.com.au
FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27 years experience.
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