Normal
The first chart below is the 20 day cycle with projection target range in yellow. This was almost invalidated by price crossing offset lines but it didn't and is still on track to reach the target.The other cycles below are the 10 week and 20 week. You can see they have much higher projections target levels. The 10W can be invalidated quite easily because price action is very close to the offset lines. The 20W cycle offset lines are a long way down from current price action and it would take a drop below approx 2750 to invalidate that. Until that happens, IF it happens we can only assume the market will move higher after this correction.So in short "yes" but that this is subject to change if price action crosses the offset lines in the 10 and 20W Nominal cycles below.It should be noted though in the AUS200, the current pattern of trend from the crash low at first glance looks like a typical EW abc corrective pattern and that we are headed to re test the lows again in the months ahead. It has rallied 55 fibonacci days from the low and very close to the 0.618 retracement, with waves a and c being equal.That is not to say that it cannot upward in a more complex EW pattern but I am not looking that far ahead yet and focusing on the pattern of trend at hand.
The first chart below is the 20 day cycle with projection target range in yellow. This was almost invalidated by price crossing offset lines but it didn't and is still on track to reach the target.
The other cycles below are the 10 week and 20 week. You can see they have much higher projections target levels. The 10W can be invalidated quite easily because price action is very close to the offset lines. The 20W cycle offset lines are a long way down from current price action and it would take a drop below approx 2750 to invalidate that. Until that happens, IF it happens we can only assume the market will move higher after this correction.
So in short "yes" but that this is subject to change if price action crosses the offset lines in the 10 and 20W Nominal cycles below.
It should be noted though in the AUS200, the current pattern of trend from the crash low at first glance looks like a typical EW abc corrective pattern and that we are headed to re test the lows again in the months ahead. It has rallied 55 fibonacci days from the low and very close to the 0.618 retracement, with waves a and c being equal.That is not to say that it cannot upward in a more complex EW pattern but I am not looking that far ahead yet and focusing on the pattern of trend at hand.
Hello and welcome to Aussie Stock Forums!
To gain full access you must register. Registration is free and takes only a few seconds to complete.
Already a member? Log in here.
