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S&P/ASX 200


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As was suggested in FTSE100 posts, if indication is that US rates wont move higher after next 25bp increase, DOW could move higher tonight - maybe followed by ASX tomorrow morning.

 

Also on your posts, was mention of Israel continued hostility toward Iran and therefore likleyhood of inflamed Middle East instability - hence possible increase in oil price

 

I am going to take a punt and go long ASX this afternoon, expecting rebound tomorrow morning and then wait for an opportunity to go short in short term.

 

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In reply to: crowman28 on Tuesday 13/12/05 02:32pm

Looking at the XJO on the line chart and assessing the value of the rise in the three Elliot up waves. I note that the last wave travels 1000pts more than the first wave. This could mean that it has the fifth wave. Whatever the case, looking ominously favouring the downside.

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If 4580 can hold, then you would go long.

 

Otherwise the weekly chart suggests a consolidation to 4500 is definitely possible before the next wave up! This is healthy for the long term as once again it is a 50% retracement from the low in Oct.

 

At current level, it is better value to short the FTSE perhaps?

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