XSO 1.45% 3,123.6 s&p/asx small ordinaries

Hi Rhodes Thanks for your thoughts. Quality post as always My...

  1. cha
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    Hi Rhodes
    Thanks for your thoughts. Quality post as always
    My rambling thoughts are very short term we are now at fib level 2 of 6 month move of 1200 to 1360. This is where we should see some support. It did hold last night.
    Allied to that is Fed next week so no surprise with money out and wait and see time for market
    Also allied to that is the massive volume last week on weekly and the daily bars have now seen less and less volume until we can say this is a short term support point

    Then we go mid term. If this support at 1250 holds then resistance is back at 1280 level. So will see at that point. Median line in play next level down is from dec 2015 cluster of support at sub 1100. If that line holds then can see support around 1220 level But if look longer term again that is where I can see whole structure with your 1185 support point . lines converge early next year. Very nice call of yours
    We have new fed in jan 2018 which coincides nicely with charts here
    I constantly look for that structure from 2000 with 7 year major cycle up then short wave down before spike up into 2010/11 and double top. Here we are 7 years on with cycle down hopefully petering out. So a bit of short term risk just here and then will see. Also if we do hit 1200 on this run down then I can see a panic spike down and a chance to restock the bargains. Market is already starting to crack some golden eggs for me like Cdv rsg
    The strong proven ones still holding up but will see how many stops get triggered if 1200 goes. Also when gold starting moving in 2000/2001 we saw quality golds start their move a year before which is similar to where we now sit with proven goldies like nst and evn But all hypothesis. Step 1 is underway here. No one can deny this is a wave down. I said a few years back that stocks like rsg at 20c sar at 13c nst at 66c were a gift. Will see if becomes the gift that keeps giving
    taking a break here for a week or so. Not even sure if thread even still here next year but good to see thoughts of experienced traders like yourself wherever they appear
 
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