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XAO Technical Analysis

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Re: XAO Analysis

The count is panning out nicely from the chart 2 weeks ago.

No reason to suspect it will deviate from here.

We are declining in a subwave 3 of 3 of the larger degree Wave C.

Time wise I have this Thursday/Friday as significant.Also 31st October more so.
At this stage a possible short term bottom.

I have 3600 as a possible wave 3 or C bottom.

Of course I reserve the right to change the count in hindsight to suit whenever I please.;)
 

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Re: XAO Analysis

Porper said:
Time wise I have this Thursday/Friday as significant.
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Did I read correctly somewhere the US going to lift the short selling ban on thursday?

PS: Aparently so.

US set to lift short-selling ban
October 4, 2008 - 9:23AM


The US Securities and Exchange Commission have said it would lift its temporary order banning short selling of financial shares next Thursday.http://news.theage.com.au/business/us-set-to-lift-shortselling-ban-20081004-4toz.html
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Re: XAO Analysis

Whiskers said:
Did I read correctly somewhere the US going to lift the short selling ban on thursday?
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i dont think so
there is no such thing to lift hte short selling ban
as it would hurt the stock exchange more as Dow JOnes has fallen below 10k point
 
Re: XAO Analysis

Well there go the Dow futures down again, and SPI down again over 130 points.

And let the roller coaster continue!
 
Re: XAO Analysis

Whiskers said:
On financials?
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Wouldn't have a clue Whiskers.

I don't have any interest in what the company does when I trade (some exceptions).

If IB allows me to short my chosen stock then the trade goes ahead.
 
Re: XAO Analysis

Whiskers said:
Yeah, I've heard that too. We might finally get some meaningful international cordination gong here now to get out of this pothole.

Probably Aus was good place to start with our banks in better position than most... which brings me to...




Hey, OzWaveGuy... a few days ago I contemplated a five count down leg too, but I'm still leaning toward the Expanded Flat wave one reversal scenerio on my indicators.

Just looking at your chart what do you think about a zig zag wave b, ie wave b bottom about todays low?
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From here, it probably wouldn't be an expanded flat anymore, but a Running Flat where waves A and C don't overlap. If the leg up from today turns into 3 waves up, then the current count stands. If the leg up from today turns into 5 waves up before heading down to new lows, then a running flat may be at hand.

The odds are remote that a larger flat is developing as the current count shows wave c almost = wave a (a and c waves in most flats will tend toward equality). Wave b is almost 161% of wave a which is another factor in why I've labeled the count as is. Hope this clarifies my current count
 
Re: XAO Analysis

OzWaveGuy said:
Hope this clarifies my current count
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Year, thanks... I understand your count and considered it, but for the moment there seems to be some positive MACD divergence holding up ok which I'm wondering if it's pointing to some stubborn price resistance breaking and a robust turnaround a-la a flat wave C.
 
Re: XAO Analysis

um... I dont know.. Im a newbie to all this. Wave C, B.. gets me confused. Im just chasing your thoughts if it would hit that low tonite thats all....
 
Re: XAO Analysis

jaithomson said:
um... I dont know.. Im a newbie to all this. Wave C, B.. gets me confused. Im just chasing your thoughts if it would hit that low tonite thats all....
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ok thats fair enough , but any reason why you think that number instead of a different number or upwards move ?
 
Re: XAO Analysis

jaithomson said:
um... I dont know.. Im a newbie to all this. Wave C, B.. gets me confused. Im just chasing your thoughts if it would hit that low tonite thats all....
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Jai just a hint. You are better off thinking about what to do if we rise above today or fall below today rather than trying to figure out if its going to actually do it or not. Predictions are a fun game but have nothing to do with making $$. Plans and action make $$.
 
Re: XAO Analysis

well its dropped 100 or so points already after market close today and the dow has been consistently down recently. I have a nasty sell position open at 4393 and we all now about the dreaded next day margin call...

So I duess im really asking so I can sleep easy tonite, or not.. :)
 
Re: XAO Analysis

Trembling Hand said:
Jai just a hint. You are better off thinking about what to do if we rise above today or fall below today rather than trying to figure out if its going to actually do it or not. Predictions are a fun game but have nothing to do with making $$. Plans and action make $$.
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spot on
 
Re: XAO Analysis

Im with ya - thats good advice much appreciated. I'm a little to agressive when it comes to buy\selling atm, but I really appreciate your input.

As the market rose today, what is your next move..?
 
Re: XAO Analysis

jaithomson said:
Im with ya - thats good advice much appreciated. I'm a little to agressive when it comes to buy\selling atm, but I really appreciate your input.

As the market rose today, what is your next move..?
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Jia you cant be serious hes given the answer above.

But perhaps I could hazzard a guess.

If it rises he will buy.
If it falls he will sell.

Fortunately as traders we dont have to place our trades tonight and hold them till tommorow night.
We can actually trade what the market gives us without actually CARING what its going to do tommorow,in the next hr or the next week!
 
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