Following on from the analysis of the XAO was posted -090208
https://www.aussiestockforums.com/forums/showpost.php?p=258027&postcount=2842
https://www.aussiestockforums.com/forums/showpost.php?p=258028&postcount=2843
The following EW chart was shown with the expected pattern of trend shown by the arrows. The target was 6244pts and the date 11th March as the preferred time cycle count and 21st march as the alternate.
So far the pattern of trend has traced out as expected and pink wave b of the contracting triangle has completed and pink wave c is currently in progress. These usually retrace 50-61% of wave c. Not much else has changed, this is a countertrend rally and should be fully retraced when it is complete and I expect market to continue on to fresh lows.
The SP500 has also a similar pattern of trend
Cheers
We are obviously going to get a retest of that breakout point. Any thoughts or targets if it doesn't bounce off?
You need to be half-brained impaired to be sticking with your conviction/plan. The EW chart in theory looks good, but I have doubts to see how this market can jump from 5620 to 6200 (10%) in the next 2-3 weeks. In a bull market yeah that's easily done, but we are in midst of bear market.
Yes expanding volatility as we head south time to see if buyers step up this arvo or tomorrow as we head in to the buy zone again......
Monday, I think you mean eh.
josjes, as I got plenty of crititism for on the immement and severe market correction thread, I don't think it will be as bad as some fear, mainly because Ambec and MBIA didn't get down graded as some expected. Also China's economic iniatives look like lifting their local consumption to turnaround their reliance on exports and Indian demand for our resources still look good.
rising inflation, add global financial chaos all I keep seeing is risk and rising gold prices!
So buy gold! Seems the most obvious investment out there ATM! Though, I have been known to be wrong (but who hasnt)!
So buy gold! Seems the most obvious investment out there ATM! Though, I have been known to be wrong (but who hasnt)!
............ miraka ma miere..
Buy butter... cheese... milk... never forget the dream...
Cheers
............ miraka ma miere..
Constructing the Technical Position Barometer is a quick task requiring no more than a day-by-day
plotting of the total number of stocks in each position. ..........the barometer shows at a glance whether the number of stocks in certain positions are gradually
increasing or decreasing. This becomes a significant clue to the growing strength or weakness of the
market's technical position.
As a double check of your conclusion about the market's position from the Position Sheet, compare it to
an independent conclusion drawn from the trend chart of averages------------------
contradiction between the Position Sheet and trend chart ---- if it
shows up, it's time to re-think some deductions.
Selecting the best individual stocks Wyckoff method of trading stocks part 9 by Jack K. Hutson
For those interested
B% is now at 40.4%... ( remember it has come up from 6.6% )
The number of stocks rising above their last point of supply continues to increase quite steadily ( next week will provide very good test )
The last Bar sometimes I see Wyckoff Traders sometimes
refer to as a resurrection bar...
price did move down but then demand moved up...
A number of other stocks ( eg BHP ) have signs of "absorption" at resistance
and look to be close to adding to the B% reading..
motorway
price did move down but then demand moved up...
Drop in volume? buyers stayed out, shorts didn't cover, now we wait for the US
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