We expect ANZ will trade between 30.50 to 32.00 over the next week or two before heading lower towards 28.50.<\/p>\n
Our view is based on a combination of the trend line break target and our wave count assumptions. The break of the two year uptrend line implies a target around the 28.00 level while our wave count assumptions indicate ANZ has or is near to completing a 3rd wave lower from 34.00 which improves the odds for some sideways trading between 30.50 and 32.00 before a 5th leg lower to 28.50. <\/p>\n
We suggest waiting for sell signals over the next week or two otherwise open shorts using a 32.10 limit. Trading above 32.50 for more than a few days negates our view.<\/p>\n
Trading tactics<\/strong><\/p>\n Wait<\/u> for a sell signals over the next week.<\/p>\n \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![\"\"](\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/ffanz2.jpg\")
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