The World From A Chartists Point Of View: A Rare Pattern Repeats On The All Ords, Plus Elliott Wave Counts And Trend Signals
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This week we look at a rare repeatable pattern that is forming on the All Ords, as well as Elliott Wave counts and Trend Following Signals on world indices like the SP500, FTSE, Hang Seng and Nikkei.
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Share Your Experience And Leave A Comment in the comments section below.
Happy trending,
Dave McLachlan
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January 8, 2012
Tags: ASX, asx market, chart analysis, chart pattern, market analysis, Market Watch Weekly, online trading, technical analysis Posted in: Market Analysis, Market Watch Weekly
2 Responses
Hi Dave,
Great analysis – I agree, we’re in a range market, but there’s definitely potential to rally from the low 4,000′s. In my opinion, the most likely break out will be to the upside. 4,000 on the All Ords is very psychological.
The USA (compared to Europe) is fundamentally ready for a rally. Australia, the same.
I know you’re strictly technical, but I think we are in a state where both fundamentals and technicals are converging, and the most likely response will be from a rally.
That said, If we break 4,000 and hold below. I admit defeat
Just my 2c.
All the best.
Matthew
Hey Matthew,
I love your take on this! We did get a rally from this same pattern last year, so here’s hoping. I definitely won’t be betting against you here.
When the trend (finally) confirms, I’ll be ready
- Dave
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