Tuesday, August 31, 2010

XAO Short term action

There's several Elliot Wave interpretations for the short term Australian All Ordinaries as of the close today. The wave structure hasn't broken down as anticipated in an aggressive manner, thus, caution is required until clarity on the wave structures is available. The use of channel lines provides guidance in the short term for potential upside stops.

For wave (ii), either it has completed and another subdivision is unfolding (in waves 'i' and 'ii') or a flat is occurring for wave (ii) which can see further upside to around the 4523 level. Once complete, a series of wave 2's would have completed and the XAO downside aggression should commence.

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