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By Nick Linton-Ffrost<\/p>\n
We suspect the ASX 200 (XJO) has completed a (B) wave rally from 5230 to 5440 which implies a decline towards 5310 and possibly 5230. Stop on view with a move above 5430.<\/p>\n
We suspect the (B) wave has completed given the minor three count (abc) where c=a. Friday nights trading pushed below our 5400 pivot level and we suspect a confirmed break of that level will be enough start the ball rolling south.<\/p>\n
Our conviction on this call will increase once a lower high forming below 5430 and\/or a after a few days trading below 5400. If the plan comes together we expect the 5310 target to be achieved within 5 days and the 5230 target around 15 days.<\/p>\n
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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 27years 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