Saturday, 12 December 2015

ASX 200 breaks lower from Head & Shoulders continuation pattern, initial target 4500

Daily chart shows the ASX 200 breaking lower from a Head and Shoulders continuation pattern. An initial measured target is around 4500. Chart includes after hours trade.

Monthly chart shows that the break lower keeps my Elliott Wave count and scenario on track, with the market targeting the lower parallel around 2700 within the next year. 2016 is shaping up for a decline similar to 2008's.

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