Code: SPI CFD / ASX200 XJO Date: 17 February Chart 20 Minute Chart TradingLevels: The 4164 Gap was cover with the 4163 low, the next positive move is developing 4200 as support again. Elliott Wave: The current move up overnight is in three waves not five. If a low is in place the next move is developing support on 4200 then SG1 4230. There is a lot of resistance between 4200 and 4300, we will have to wait a while to see what the upside pattern develops into to as we need to see five waves, and impulse structure to confirm a recovery. The corrective pattern down can certainly continue or at minimum further corrective action across 4200, especially if the US indices and the AUDUSD have larger Triangle patterns as mentioned in the video Day Trading: Work SG1 a retest of 4200 is possible however it may only test 4210. Only the support on 4230 SG1 will create higher ground, you also need to count five waves up from the low and then look for an abc corrective pattern. The current high 4220 is probably the top of wave three
Code: SPI CFD Date: 7 March SPI CFD 4136 TradingLevels: Next target 4100 and 4050 Elliott Wave: The wave count is negative, to get the idea in a simple way have a look at AMP on the Daily Chart going back over the previous months and you will see the XJO and AMP have the same pattern. Start counting five waves down from the last high just above 4300, currently in wave (iii) with wave (iv) and (v) to go lower into the 4100 – 4050 then the ABC rally and then down again.. Day Trading: Look for consolidations and retests to short around the levels 11:30am AUD GDP q/q 0.7% 1.0%
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