Wednesday, 15 April 2015

ASX 200 forming a triangle? Or a flat correction? Either way should beat 6000 in coming days/weeks

On the weekend I posted a daily chart of the obvious triangle on the ASX 200, and judging by my twitter feed, many people are playing that scenario.

Of course markets are impossible to predict, and while the triangle is shaping up as a likely scenario, there are other viable alternatives. Today I've posted EW counts for the triangle and the flat correction scenarios. The market has other options, and there are other ways to count the flat, but the illustrated possibilities are the most likely, in my view.

Triangle



Flat


Hang Seng lower after testing top of 3.5 year old trend channel