The XAO has clawed it's way close to the high seen in April 2010 and an area of high resistance - 5000. What is apparent is the wave structure since April 2010 seems to represent a flat correction with wave (C) yet to complete. This would also overcome the very slight wave overlap issue discussed sometime back. The triangle that ends wave 'A' of the flat also ties in well with the overall interpretation for a 3-3-5 flat.
A push down to 4350 for wave 'C' is the next move under this wave count before heading to new medium term highs. Wave 'C' will need to be a 5 wave decline.
Obviously the Head and Shoulders pattern discussed sometime back also appears to be invalid.