Friday, March 18, 2011

XAO Update

The last post imposed a set of specific rules that were used as a guideline for short term market action. Today, these rules have been broken and the chart below provides a slightly updated view of wave 'C' down. The expectation is to see the XAO climb higher from here (with the obvious corrections along the way, and one is expected in the very near term).

Once a small correction downwards has occurred, this should be wave '2', and we can establish the usual parallel channel and associated rules to manage the index. The market should now move as described in this post back in mid-feb

I have decided to drop MS Office and try the free Lotus Symphony for building the charts - can you spot the difference? Seems to run well (Intel Core duo 3Ghz, 4Gb RAM) with a decent interface and is compatible with MS Office files.

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