XAO 0.34% 7,230.4 all ordinaries

Get ready for a 20% move, page-7

  1. 2,271 Posts.
    I agree Ridge, the SPI is looking decidedly bullish now. Refer my post of the weekend and it has indeed made a good run up from the double botton, both the weekly and monthly charts are showing a turn.

    As I suggested, the market moved too fast and the retracement I called for Monday/Tuesday has and is happening. Be wary of the retracement from a small double top and also the GANN 12.5% mark of the range from the all time high to the 87 low.

    I was stopped out of my first upward run with a tidy profit, and am now waiting for point C to form for the next run up. I would expect (without US inferference) for the high of yesterday to be taken out shortly, that's my entry trigger with a stop at a point below todays low. If it continues down today tomorrow will be "C day". I still expect the highs to be seriously challenged and probably broken.

    The big "if", is of course the situation in the states, which unfortunately drags everybody with it, and I seriously can't see the DOW holding up forever on b/s.

    To sum it up, my position will be long, with a crash helmet on looking at World events. I'm away for a few days but will be watching with interest.

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