December 13, 2011 7:10:34 AM by
Peter
SPI CFD Trading Report / ASX200 XJO - Technical Analysis
Code: SPI CFD / ASX200 XJO
Date: 13 December
Chart: 1 hour Chart
The abc we were tracking yesterday is expanding larger and down closer to the 50/62% retracement level. The move down is in five waves but uncompleted The retest of 4200 should fail and the next support is SG2 {4180|4172|4165} as support with the 4172 as support or resistance is critical, being on the right side of this level as support or resistance is key
EarlyBird Report Comments:
SPI CFD 4183
TradingLevels: The 4272 help perfectly now the 4200 is the pivot in Minor Group1 and if that becomes the retested resistance then the trend is down, the retest will take time, as the 61.8% retracement level target is 4100 so it can reach 4100 then climb back above 4200 as support, we just have to observe it at that point in time.
Elliott Wave: Intraday trend down from last night is completing five waves as is the SP500 and other markets, once this is completed expect a bounce
Trading Strategy: Trade the sublevels and watch the Dow futures cfds during our trading time for leads, also the Euro and the US Dollar as it tassels with 80