Technicals | Mar 23 2015
By Nick Linton-Ffrost
Rally towards 6125 before a pullback to 5750
Given the ASX200 (XJO) has traded above 5950 the odds have turned in favour of rally to 6125 over the next 3-5 days before a pull back to 5750.
We have recalibrated our count assumptions given the move above 5950 and are now viewing the drop from 6000 to 5740 as a 4th wave which implies a 5th wave rally towards 6125 ( where 5= 1) is on the cards.
Based on our fifth wave assumption we will be expecting a pull back from our upside target around 6125 towards the bottom of the 4th wave at 5750.
Another trading idea from
Fifth Wave | fwtc.com.au
FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27 years experience.
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