We are working on the assumption that the XJO has failed to run after breaking out of the six month trading range which improves the odds for a pull back to 5350 and potentially 5250.<\/p>\n
Our near term wave count view assumes the rally from 5410 to 5510 (b wave) is complete and the market should grind lower towards 5350 over the next 7-10 days.<\/p>\n
Technical selling on the back of the line break should be triggered with a move below 5460-5470.<\/p>\n
Stop on view with a move back above 5520.<\/p>\n
\n![\"\"](\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/ffxjo8.jpg\")
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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