Tuesday, September 14, 2010

All Ordinaries near critical juncture

The XAO has continued to stay within the up-sloping channel for wave (c) and there is potential for the XAO to continue higher under the wave count shown below.

Wave '2" details
The first chart shows the bigger picture with the 2nd flat reaching a critical point - it is at the top of the overall wave '2' channel and I suspect it will have enough momentum to break through and cotinue higher to near the 61.8% retrace at 4723. At this level, wave (c) will also reach the top of the green channel that represents the typical boundaries of a flat correction - in this case the 2nd flat.

Wave (c) details.
The detail count of wave (c) is shown below and indicates there is still a need to push higher before the final 5th wave (which is sub-dividing) completes.

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