Wednesday, 4 May 2016

ASX 200 pops to test trend line resistance, wave count suggests epic decline ahead

Daily chart shows ASX 200 rallied yesterday to test trend line resistance, and is weaker today. Charts include all sessions trade.



Weekly line chart clearly shows 5 waves down and 3 waves up. Look for another 5 waves down to begin from nearby current levels, as the corrective 3 wave rally has carried to an ideal target, namely the area of the wave 4 peak.



Monthly chart shows a possible bigger picture wave count.


6 comments:

  1. Get real, Mate ... you really cannot be using that graph to extend it logically to your conclusion of "epic decline ahead"

    Dramatising for "advertising effect", or to placate onesself given propriety positions, has no place in serious work.

    For your own sake, stop this practice of attempting to predict 'for effect'.

    You done this with the Aussie dollar about two weeks ago ; that is, obviously randomly linking points to 'support' an alleged 'uptrend' ... I then hoped my comment pointing out that the 'three point' principle for linking the trend-line was manifestly absent. You amateurishly berated my help.

    Just trying to help you, Mate. Others who have much more experience than you, you should be humble enough to rationally consider their input; and be respectful to the charting trade by absenting yourself from such dramatic prospective interpretations .... it shows an ignorance of the market mechanisms ... measured is best ... good luck with following advice.

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  2. If you knew Elliott Wave you would know that line would complete a zig-zag, a perfectly normal correction, and that it is entirely possible. I used the words "wave count suggests" in the post title, didn't make any stronger claims than that.

    Anything can happen, that's a given in markets. I'm just sharing the possibilities that I see. If my style upsets you, stop looking at my posts.

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  3. Mate, what a way to reply ??

    The amateur in you prints "anything can happen' ... No, anything CANNOT happen = shares cannot go to infinity. OK.

    I know Elliot Wave like the back of my hand = no way the wave count now can support 'suggests epic decline' ... that's one of the reasons for my assistance to you. Also, your 'if you knew' is simply not an acceptable manner of interaction, especially in this industry ... be nice, it pays.

    Also, your 'if my style upsets ...' this is is a hostile response when actually one needs to attract viewers. This response of yours points to being unsuitable for advertising purposes. You got to learn Mate ... adjust your responses to be client-friendly.

    Try the following, and see how much friendlier and efficient-for-business - it might be :

    "Thanks so much for your response, and I'm glad that you are reading my posts. Thanks also for your comments on the AUD where I was looking for an uptrend, but you wisely and correctly pointed out my mistreatment of the trendline - you were correct, and me very wrong. I have taken consideration of your comments and encourage further communication. As always, trying to improve, and once again, a big thank you. All the best. Regards AvidChartist"

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    Replies
    1. "I'm glad you are reading my posts" - thanks for that I haven't laughed so hard all week.

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  4. @Anonymous

    Really good on you to provide assistance in the manner you have.

    @AvidChartist
    @Anonymous is correct.Sorry

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    Replies
    1. Okay @Anonymous. If you say @Anonymous is correct, it must be so. Thanks for the detailed explanation.

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