November 24, 2011 5:40:59 PM by
Peter
Code: SPI CFD
Date: 24 November
Chart: 2 Hour Chart
US Holiday tonight
The 4000 is obviously significant and can cause a bounce / support, the larger Elliott view is further downside. The 3800 is the 61.8% of the 2009 rally, so that is also important.
EarlyBird Report Comments:
SPI CFD 4030
TradingLevels: There is support around 4000 for the ASX200 and the SPI this is psychological, the 61.8% is at mTL8 | 3800 Indicator will be presenting over sold signals but as always use each level as support and resistance, try and work out the Elliott pattern within the degree time frame you are working and check on the volume to confirm the price action
Elliott Wave: Its more important to work the levels now that the 4000 is on the door step, the Elliot wave count is down
Trading Strategy: Expect the price to sink into 4000. One of the better times to get a position in the SPI is in the US afternoon session, the current daylight saving is on your side, but I guess if you up at that time you may as well trade the Dow as it moves faster.
