Saturday, 3 December 2016

Blog post: ASX 200, NASDAQ 100, Gold, AUD/NZD daily charts from today's tweets

ASX 200 is caught in a tight range between trend line support and resistance levels. The red line is drawn from the peaks of 2015 & 2016. Yesterday I presented the case that the market could be in a 3rd wave down at multiple degrees of trend. Nearby trend line support must be broken in coming days to confirm that possibility, pending that we must respect the market's potential to go higher.

NASDAQ 100 closed the week at trend line support. I have been expecting the NASDAQ to lead the US blue chip indexes lower, and while the techs have indeed declined, the blue chips continue to grind higher.... this calls in to question the NASDAQ's further short term downside potential. A break of either Friday's high or low may be all we need to signal a strong move in either direction.

Gold's decline halted at a confluence of trend line supports and the 61.8 Fib. Time for a rally?

AUD/NZD is at short term trend line support. There's still a chance for a 3rd wave higher next.

1 comment:

  1. Mate ................. really ...........

    Just stop with this idea - that you've been falsely peddling since forever - that the
    "top is in"

    Making yourself look even more stupid.

    Also, stop all these cliched 'sayings' .... has no punch at all.

    Just trying to help


    1. This is the start of a MAJOR resurgence up in ALL the major share indices ....
    2. Let this guide your outlook/interpretation.

    PermaBEAR does not work ... and has never worked in the last 8 YEARS !!!!

    Looking for things to always FALL is a sign of depression.