Sean K
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Cheers Tech, always love your posts and effort to share. KennasI'm actually with you on this,the ONLY way I got my head around it was to understand and EXPECT wave counts to alter until they are confirmed.
This is the hardest thing to come to terms with as we all want to have a definitive answer.
I use it to see where we are in terms of maturity of a move.
When I see the same or very similar counts occurring in lots of stocks and other indexes sure as hell there is going to be a culmination.
That happened in 2007.Low in March and now.
theres the completion of ab = cd , some more of the easy money done . least i got some analysis ;-)
my daily range extension calls for move <4650 , see what develops
UP AND ATOM!
Interesting how SPI's only up 10pts since the open buy a lot of the miners have reversed hard
Not the most convincing reversal... a 30 pt run up from the bottom and now retraced 2/3. My view is that US has really only fallen for 1 day and the chance of a follow through is definitely there.
I hesitate to post a long term chart of the XAO with a proven trendline, going back 20 years, (a monthly of the XAO)
Over 20 years i dont see much relevance in a linear chart and i on the time frame most here look at markets from i see zero relevance but thanks anyway
I'm just a chartist, but it looks like a downtrend, with no sign of consolidation or absence of sellers.
gg
So, that was a bottom down there? I thought that was still a 3..
Another look at the long term chart for the XAO.
I am looking at a low of 3500, or lower for the XAO this year.
gg
-re occurring patterns in lots of stocks at the same time similar patterns are appearing in the index.
The bottom chart highlights an area of confluence around 4500 between 7th April and 9th May.
Dont think Broadway is too far off the mark--maybe a little early and interesting that you use analysis similar to mine re ---re occurring patterns in lots of stocks at the same time similar patterns are appearing in the index.
This has proven to be a very solid and accurate pre curser to larger turns in the market.
in 2007 they were all ending wave 5/5/of 5 patterns.
View attachment 41828
CLICK TO EXPAND
We seem to have arrived early and in style.
Where to from here, current area just above 4500 is significant imo.
Same theory by two applications below.
(click to expand)
This is a bear market, it's going down.
Our market is up 1% today. BHP is up 2.5%. This I do not understand. Has the crisis suddenly been averted?
Our market is up 1% today. BHP is up 2.5%. This I do not understand. Has the crisis suddenly been averted?
I must admit to being an old fashioned chartist.
Many of you guys and gals are counting angels on pinheads.
This is a bear market, it's going down.
Any indicator you mention is predicated on price, volume and time.
It's going down.
End of story.
gg
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