XAO Technical Analysis

Logique said:

On a technicality, it's not incorrect yet. On the contrary, so far it's correct.
Can't let the Elliott Wavers have it all their own way. As an analysis tool EW theory appears to be remarkably flexible, and quickly adaptable to changing circumstances.

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MrBurns said:

As a general comment I have to say that the urgency is gone, I dont feel the need to get in in case I miss the "bottom" I donr really care any more if the ASX is up or down 100 points because I know it's not going to surge anytime soon.
That to me is the first sign of acceptance that the market is rooted for the medium term at least.

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=nick2fish;391007]

Despair: The final emotion is one of despair with the bear roaring, indexes down 20%, 30% or more, and leading stocks down 40% to 70% from their highs. Our losses have increased until we sell out in despair. We forget about stocks and the market indefinitely, instead of learning from our mistakes, giving up at the worst possible time. The market is down, but it always comes back. New sectors of stocks are emerging with new leaders ready to move ahead strongly.

Chin up Mr Burns, we may be through the worst of it

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nunthewiser said:

LOL watchout!! when i mentioned it was the best lil hindsight commentator in the market i got growled at

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OzWaveGuy said:

I wonder who from....

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nunthewiser said:

LOL wasnt you m8 ..i enjoy your posts actually ..... just like to have a lil poke at a bear with a sore head at times

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OzWaveGuy said:

Grumpy ol' bear might be waking soon....

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nick2fish said:

Despair: The final emotion is one of despair with the bear roaring, indexes down 20%, 30% or more, and leading stocks down 40% to 70% from their highs. Our losses have increased until we sell out in despair. We forget about stocks and the market indefinitely, instead of learning from our mistakes, giving up at the worst possible time. The market is down, but it always comes back. New sectors of stocks are emerging with new leaders ready to move ahead strongly.

Chin up Mr Burns, we may be through the worst of it

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-Bevo- said:

Once last rally possibly before we sink to new lows?

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michael_selway said:

Hm how high do you think XAo will rally to before the new lows?

thx

MS

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davo8 said:

Define worst!

Repeat after me: this is NOT the bottom. The index is headed lower and much time has to pass before the trend changes. Momentum trading and buy-and-hold are not good strategies at these times. Not all the bad news is factored in, and the charts can lie.

FWIW my take is that it's a good time to be stock picking, especially in key new sectors like (say) energy and gold mining, while avoiding previous hot sectors like (say) financials. And always remember: margin of safety.

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nunthewiser said:

Please refer to post # 6194 if you are wondering who the clown is singing "sunshine and lollipops" along your street this morning

thankyou

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nunthewiser said:

Please refer to post # 6194 if you are wondering who the clown is singing "sunshine and lollipops" along your street this morning

thankyou

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OzWaveGuy said:

On a more serious note - what stocks did you short and are u still in?

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nunthewiser said:

BHP .......... covered 29.95 ......paid for loose wimmin and copious alcohol for the weekend so happy

may fall more , dunno ..

more bad news expected from the good ole US of A tonight but with this bailout hooplah i think i,ll wait until monday for another looksie at any trade positions

and yeah i think my neighbour was tempted to run me over earlier

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