Saturday, 1 October 2016

#ASX SPI 200 making another peak. 4 hour, daily & monthly charts #XJO

4 hour chart shows a 5 wave decline from the August peak, followed by a rally that looks to have either peaked or to be close to peak.



Daily chart



Monthly chart


S&P 500 near term trend is down. 4 hour, daily & monthly charts #SPX $ES

4 hour chart key element is the down trend line which the market respected late in the week. An aggressively bearish wave count is shown, calling for a 3rd of a 3rd of a 3rd lower next. Far fetched? There are certainly viable counts which are less bearish. Main point is to look for lower prices while the market remains below the nearby down trend line.



Daily chart



Monthly