##{"id":50162,"date":"2016-07-11T10:26:23","date_gmt":"2016-07-11T00:26:23","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2016\/07\/11\/asx200-upside-triggered-above-5300\/"},"modified":"2016-07-11T10:26:23","modified_gmt":"2016-07-11T00:26:23","slug":"asx200-upside-triggered-above-5300","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2016\/07\/11\/asx200-upside-triggered-above-5300\/","title":{"rendered":"ASX200: Upside Triggered Above 5300"},"content":{"rendered":"

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

A confirmed break above 5300\/50 should trigger the start of a rally towards 5800\/6000<\/strong><\/p>\n

After trading between 5150 and 5350 for the last few weeks we suspect a break north is just around the corner. If the ASX200 (XJO) holds above 5150\/5200 and trades above 5300\/5350 for a few days our bullish count outlined below should come into play.<\/p>\n

Bullish count<\/strong> (chart 2) – assumes the drop from 6000 to 4750 completed a major (4) which implies the market is trading within a major (5) towards 6000. Our 6000 target is derived from the break above the 10 month downtrend line (i.e. height of trend channel added to break point around 5150\/5200).<\/p>\n

In the near term we are marking the dip from 5425 to 5035 as a minor 2nd wave which implies that a minor 3rd wave move north is underway. Trading above 5300 will indicate a higher low is more than likely in place and trigger a buy signal (chart 1).<\/p>\n

If the market trades below 5150\/5200 for a few days we will revisit the bearish wave count we have been discussing for the last few weeks (chart 3). The bearish count<\/strong> assumes the three month rally from 4750 to 5425 has completed a major (B) wave which implies the market is now trading within a major (C) headed towards 4750\/4800 (i.e. the height of Feb-Mar uptrend channel subtracted from 5050\/5100). A break below 4750\/4800 would open up targets around 4200 where (C) = (A).
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Another 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":"