Wednesday, July 15, 2009

XAO - Short Term view

Several options exist for the short term count, two are discussed here:1)

Ideally a decline would count well from here since an ‘a-b-c’ correction can be considered complete as of
today to finalise wave ‘ii’2)

In this colour, 3900 has been broken and we need to consider an alternate count. The whole wave (ii)
correction could be considered an expanded flat. The ‘b’ leg can be interpreted as a three wave move or a 5 wave move. Since ‘b’ waves need to be comprised of 3 waves, an expanded flat is a possibility3)

Other short term options exist as well, but remain in the back seat until the current short term wave counts have
been proven invalid or clarity is forthcoming.

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