September 01, 2011 10:08:57 AM by
Peter
CFD Analysis
Summary From EarlyBird Report 1 September 2011
Summary
Still consider the move up a rally, even though its moving higher, the key points for trading long with local ASX market is the Dow above 11500 as support and the ASX200 above 4300 as support, both of these are in that process.
How far can the rally go? the 61.8% for the Dow is 11900 this is also a technical price point. It can also fail below this point at 11800 or 11772 this would fit the wave structure. AS long as 11500 and 4300 on the local hols as support then the market is positive, this doesn’t mean over trading on the long side, it means under trading and trading with caution, the support on the ASX at 4300 is still in its very early stages and hasn’t actually proven to be a solid support 4300 it’s there on a thread.
It’s the wave count on copper that is the clearest and its structure is in line with the Indices, the copper wave structure is the easiest to read and understand, so that’s what we can use as one of the guide sticks. The copper market is at the top of a wave three at 420, so a wave four down needs to unfold then a wave five up to complete the structure, in time terms the top can take us into mid next week.
Trading Quote
Your emotions are often a reverse indicator of what you ought to be doing. — John F. Hindelong
CFD Analysis