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.