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XAO Banter Thread

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Gringotts Bank said:
A definite pause here. Nothing has moved in the last hour.

I feel a big sell off coming. Back to 4800.
Click to expand...

Uneasy feeling indeed. Can go either way still. I'm sure there are preemptive shorts in the market now, which will be quickly squeezed if the market kicks higher.

I'm waiting until 3 50pm to work out what if I'm closing out my longs.
 
Broadway said:
Alot of people want a 5-10% correction to make another long term entry.
Thats why it wont happen. 1-2% maybe but there will be too much buying for it to be very deep.
Click to expand...

Just have to point out how right I was 16 days ago after the egypt dip...all up since then.:D
Doesnt happen often enough though:banghead:.

Well finally the ES hit 1332 just an hour ago.
It has now doubled the 666 low of the gfc.
Ofcourse the spi low was 3100, from memory.
So we should be at 6200....wouldn't that be sweeeet:D

Anyway, some reckon the devil controls the markets, so now hes appeased, he will let it go down.:eek:
 
Well I'm seeing some volume in Asia today.
Probably just some early support that's too early.
Have to see if any real volume comes in tonight.
Gold silver and oil finally topped off after their parabolic rallies.
Thats where the real fear money went on this occasion. Not the usd.
Interesting that gold and silver barely moved with egypt but flies up with Libya.
Fun times.:)
 
The number of strong stocks really thinned out today.

I'd guess it's going to get murky soon. Not sharp drops, just continued slow-drip selling.
 
adobee said:
whats the expection for xao finnish today from chartists ??
Click to expand...

Can't post a chart till I get home, but based on previous price action after US sell offs on a Thursday:
  • XAO has hit its low of the day on the open
  • Throughout the afternoon it should steadily increase back to near B/E
  • Slight sell off in the last 20min

And then it's anyones guess on Monday.
 
The chart below is of IGO. Are there are similarities between what IGO has done and what the XAO could do.
The expected correction after a 5 wave sequence is a correction that is greater in time and price than any previous correction (see IGO chart - I am not predicting what IGO may do from here though).

This is just my amateur approach to this stuff but it is amazing just how many stocks/indices etc do seem follow the rules.

(click to expand)
 

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Gringotts Bank said:
A definite pause here. Nothing has moved in the last hour.

I feel a big sell off coming. Back to 4800.
Click to expand...

Now that 4800 busted to the downside, next stop on my chart is approx. 4650. I think the down trend will slow down it's pace and bottom in about 3-4 weeks time befoore any decent buying opportunities arise again.

The 3-4 week time frame and the 4650 target is the juncture of two fairly major trendlines. It would keep the long term uptrend intact if it bounces here IMO.
 
sammy84 said:
Can't post a chart till I get home, but based on previous price action after US sell offs on a Thursday:
  • XAO has hit its low of the day on the open
  • Throughout the afternoon it should steadily increase back to near B/E
  • Slight sell off in the last 20min

And then it's anyones guess on Monday.
Click to expand...

Wrong :eek:
 
Resources continued to retrace on the news out of China, dragging the rest of the market along for the ride. The AUD$ retraced against the US$ (as did most other currencies) as the Libya tribal wars continue to disrupt oil supplies. This "flight to the dollar" is almost laughable when you consider the impact of the U.S printing more dollars.

I would be interested to hear the predictions for next week from the "Elliot Wavers". Do we continue to head south from here or rebound?
 

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nulla nulla said:
Resources continued to retrace on the news out of China, dragging the rest of the market along for the ride. The AUD$ retraced against the US$ (as did most other currencies) as the Libya tribal wars continue to disrupt oil supplies. This "flight to the dollar" is almost laughable when you consider the impact of the U.S printing more dollars.

I would be interested to hear the predictions for next week from the "Elliot Wavers". Do we continue to head south from here or rebound?
Click to expand...

My thoughts here.

https://www.aussiestockforums.com/forums/showthread.php?t=4888&page=432
 
Gringotts Bank said:
Now that 4800 busted to the downside, next stop on my chart is approx. 4650. I think the down trend will slow down it's pace and bottom in about 3-4 weeks time befoore any decent buying opportunities arise again.

The 3-4 week time frame and the 4650 target is the juncture of two fairly major trendlines. It would keep the long term uptrend intact if it bounces here IMO.
Click to expand...

4650 hit in one day. Only 3-4 weeks out. :confused:

The rebound ...? tomorrow looks like it might be small. No way I'd buy this market.
 
While technically we seem to have reached a strong support band, I am wondering what other people think about the fact that US has not joined yet the big move down...I can see XJO getting to 4450-4500 area just by having SP500 testing their major 1275 support level, and if that gets broken, it may look really bad for XJO/XAO...
 
I'm concerned about that too.

Given where we got to today and rebounding pretty strongly, I would be happy to call a bottom. But when comparing to the DJIA, I'm very worried.
 

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