Friday, 22 April 2016

USD/JPY daily chart testing key trend line resistance, more (very) nearby

ASX 200 rejects trend line resistance, beginning strong decline toward 4000?

ASX 200 on Thursday rejected trend line resistance, and overnight sold off some more. Daily chart illustrates. Charts include all sessions trade.

Weekly line chart most cleanly shows the wave count that I am working. It calls for a strong large degree 3rd wave decline to commence when wave C is complete, as it now could be. Big wave 3 must be no shorter than big wave 1, so at least 1300 points, which would take the ASX 200 below 4000. Then big waves 4 and 5 would unfold.

Monthly chart shows a larger degree wave count and possible eventual target. Let's see.