- Joined
- 21 December 2004
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DTM said:OK. Today the Aussie's bounce is stalling and starting to lose momentum. It should start falling again.
The XJO is showing a bad....., bad....., sign. Its fallen back on support but its a very bearish move.
Will elaborate more tomorrow when I have time but its looking all black. I said today that equities have had their run and its looking that way.
Time to move on to a new asset class or be selective in what you choose.
DTM said:Whilst the XJO and Aussie dollar is showing some weakness, the banking sector is still looking strong. Having looked at it properly, I can see that it is still in an elliot wave 3. The banking sector XXJ doesn't show any correlation with the Aussie dollar. If the reversal signal is correct, ie a correction will start, it will drop to significant support before bouncing and rising to new heights. Next week will tell the market which it will head so no direction is assumed until the markets shows us the direction.
This week will make for an interesting week.
Fearful prediction (in case I look like an @ss), Aussie dollar to retest support of around .7540 before heading up. Will post chart of support and resistance when I get a chance.
DTM said:Gold is heading into way over bought area.
Implications on the USD??? Not good for equities.
RichKid said:Nice chart DTM, it could also be interpreted as showing higher highs and higher lows in a strong uptrend, prices are congesting prior to a strong move. Just another view.
DTM said:Hi Rich,
it may be that you're right because I haven't had a chance to really look at it. I only glanced at it and will look at it properly over the weekend when I get the chance. Been very busy lately.
RichKid said:Hi DTM,
No drama, just theory, hard to predict things accurately imo, just a matter of probabilities.
Gold: Just a view again, could break either way but trend is up so that's what I guessed based on the general trend and short term bullish pattern. So if I had to bet I'd bet up. Not unusual in my short experience to see a false break down and then a strong rally to higher highs for this type of pattern.
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