Friday, November 12, 2010

Ending Diagonal Complete - What Next?

The All Ordinaries is bouncing off channel support, but it appears a small 5 wave decline has been completed in order to get there. There is potential for one upwards push in the next couple of trading days to complete a flat correction for wave '2' circle (as shown) before further declines are expected to develop.

It should be noted from this post that a possible wave '2' top (from 2 high potentials) was expected at 4874 based on Fibonacci relationships of prior waves, the XAO pushed above this level by only 10 points before commencing the decline - showing Fibonacci provides some very useful "suggestions" for turns.

I also need to update my chart that shows the moon cycles compared with EW counts on the XAO - a post for later.


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