##{"id":49761,"date":"2016-04-26T10:31:06","date_gmt":"2016-04-26T00:31:06","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2016\/04\/26\/asx200-5700-the-new-target\/"},"modified":"2016-04-26T10:31:06","modified_gmt":"2016-04-26T00:31:06","slug":"asx200-5700-the-new-target","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2016\/04\/26\/asx200-5700-the-new-target\/","title":{"rendered":"ASX200: 5700 The New Target?"},"content":{"rendered":"

By Nick Linton-Ffrost<\/p>\n

Why the ASX200 can test 5700 over the next two months<\/strong><\/p>\n

While support around 5150 holds our minimum target at 5400 remains intact. This view assumes that the completion of five waves lower from 6000 to 4700 implies a bounce to the top of wave 4.<\/p>\n

We suspect further upside is possible given the market has broken above the one year down trend line. If the XJO can hold above 5300 for 3-5 days will be looking for a rally to 5700\/5800 (i.e. height of channel added to break point around 5150\/5200 (chart 1).<\/p>\n

It is also possible to argue that the drop from 6000 to 4700 is a major fourth wave within the seven year climb from GFC lows around 3150 (chart 2). Under this scenario the implication is for a major fifth wave ascent towards 6000 and potentially 6500.<\/p>\n

Our bullish view will be negated if the XJO trades below 5100 for more than 3 days. In this event we would expect to see a pull back towards 4700.<\/p>\n

Two ways to trade our view –<\/p>\n

\n
Aggressive – buy using a 5250 limit placing stops below 5050. If the market trades above 5400 move stops up to 5200<\/li>\n
Conservative – wait for a higher low to form above 5200 before opening longs placing stops below that new higher low or below 5050.<\/li>\n<\/ul>\n
\n $\"\"$ <\/p>\n
\n $\"\"$ <\/p>\n
\nAnother trading idea from<\/strong><\/p>\n
Fifth Wave |<\/strong> fwtc.com.au<\/strong><\/a> <\/p>\n
FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27 years experience<\/strong>.<\/strong><\/p>\n
AFSL 319830 |<\/strong> Disclaimer<\/strong><\/a><\/p>\n
Reprinted with permission of the publisher.<\/em> Content included in this article is not by association the view of FNArena (see our disclaimer<\/a>).<\/em><\/p>\n
Technical limitations <\/strong><\/em><\/p>\n
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.<\/strong><\/em><\/p>\n
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Nick Linton-Ffrost of Fifth Wave suggests if support holds, the ASX200 could test 5700 over the next couple of months.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/49761"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=49761"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/49761\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=49761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=49761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=49761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}