It's also a R44 spiral top, which favours a move back down into the 50% levels once again.
Therefore my view in early trading is a move into the 50% levels from 4867 and once again the 50% levels are random support":-
Premium Report
SPI Daily and 5-day pattern Recap 15:30
The Aussie market is currently being supported above the October
50% level, but being dragged down by Resource stocks.
For day trading purposes, today was ideal 'spiral-point'
rotating patterns within the 5-day range.
Once this Weekly timeframe ends on Friday it will give us a clear
indication which way the market will go in October from next week, and i'm not bullish on resource stocks in the 4th Quarter.
The best case scenario for the rest of 2008 has been described,
more sideways price action with higher prices in November and then
a continuation down in 2009 into lower lows.
The worse case scenario for global markets will depend largely on
resource stocks (Weekly report on Weekend)
If the market closes below 4232 at the end of 2008 because
Resource stocks drop into Yearly lows in the 4th Quarter, the down trend
will continue for another 2 years.
There will be a large counter-trend move upwards in 2009 into the
Yearly 50% level, but after that, the market will drift lower for the next
2 years into 2010....
and a lot of hurt.
Dilernia Prinicple:- breakout of timeframe lows and the market moves in a 2 timeframe wave pattern extension. In this case the Yearly timeframe
- Daily Trading Set-ups & Analysis
Posts
