Downside break<\/strong> – we expect the ASX200 (XJO) to break lower and trade towards 5500 over the next 3-4 weeks. Our view is contingent on a lower high forming under 6000 and needs to be followed by a break below 5750. If the market does unravel in this fashion our medium term target extends to 5100 (bottom of major 4th wave).<\/p>\n Upside view<\/strong>– trading above 6000 should yield a move to 6250. Before committing to that trade we suggest waiting for a higher low to form above 5750 followed by 3-4 days trading above 5950. The 6250 target is derived from the pattern height added to the break point. Timing to target would be 2-4 weeks. \n <\/p>\n 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
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