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XAO Technical Analysis

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mr. jeff said:
Anyone else seeing triangles

View attachment 53019

Looking for a break up or down soon.
Click to expand...

What time period is that chart over Mr Jeff? I couldn't make out the x-axis...

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Volatile consolidation pattern by the XJO at the moment. I still want to see a concerted push back above 4,900 before I am convinced this rally has legs. At least it seems the 4,650 level has provided a reasonable level of support. Any thoughts?

Picture2.png
 
Good buying opportunity for a lot of stocks today, imo. Small pullback for the ords before a decent move upwards to 4877.
 
I don't think we will rally from here for a while, but we do seem to be stabilising. Maybe we will run in a channel for a few months.
 
Gringotts Bank said:
Geez.:eek: So long as it closes at or above 4718, I reckon that's ok.
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I am looking for a recovery to 4760 then a sell down to 4680
All going well we could then be looking at taking out the low at 4600.

Yesterday was surprisingly bullish which took the gloss off all bear things, but if it doesn't break that 4880 level then it looks like remaining down in the next week or so.

3-07-2013 2-18-11 PM.png

4 hourly XAO - sorry for prev. ommission of time-frame.

If there is a break above 4880 then it will be game on for the longs and decent run into Christmas.
All based on my lack of incredible training and experience.
Can't read coffee grounds.
 
The XJO is as anticipated (Tie's in with post #9231/9235) consolidating a wave 4 correction.
While this appears to be at contradiction with the Weekly chart you can
See that it could well all tie in.

XJO 38.gif

XJO 39.gif
 
Weekly chart.
Different software but similiar picture to weekly above.
A couple of negative periods required in the formation of the W.5 of 5.
(click to expand)
 

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    XAO W 050713.png
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You guys have lost me.

Tech's flag pattern suggest we may kick lower, yet the Elliot wave is suggest we are going up?
 
kid hustlr said:
You guys have lost me.

Tech's flag pattern suggest we may kick lower, yet the Elliot wave is suggest we are going up?
Click to expand...

Nothing is set in stone with any analysis.

But the daily is indicating a shorter term weakness ending a 5 wave down move
But also see my comments on a possible ABC correction.

This would then tie in with a continuation of the up trend on the weekly.
I'm seeing some patterns now emerging indicating a return to bullishness.
 
Gringotts Bank said:
How weak is it?? :(

Selling everything today, even my property stocks.
Click to expand...

Does appear that way but you would expect after the US action that we will see a move up - it may not hold into the close today but I still think that your previous target is viable.

We will see.

Very hard to hold firm and take a short at the top of this range as the general market has been quite robust lately with little weakness even on recent news, oil price hike etc. Perhaps earnings in the US will provide a new impetus for whichever direction is chosen. All this news of easing and tapering and not easing and not tapering makes me dizzy. Sidelined and watching!
 
kid hustlr said:
You guys have lost me.

Tech's flag pattern suggest we may kick lower, yet the Elliot wave is suggest we are going up?
Click to expand...

From what I can tell from Boggo and T/A's charts, there are indications that the bottoming move may not be quite over (but possibly is over) and upon that down move finishing we should see the next wave take us up through the recent market top to 5200 at a minimum.

5200 - 4820 = 380 points in estimated end of CY13.

That is my interpretation of their interpretation so take it with a half grain of salt please - but still open to your interpretation...
 
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