ASX turns lower

December 15, 2015 09:51 AM

Short term Elliott Wave cycle suggests rally to 5420 on 10/23 ended wave "x."

From this level, Index has turned lower in wave ((W)) with the internal unfolding as a double three structure where wave (W) ended at 5041 and wave (X) ended at 5334. Wave (Y) still has a scope lower towards 4865 – 4955 area to complete wave ((W)) before a larger bounce in wave ((X)) is seen to correct the cycle from 10/23 peak.

A break below 8/24 pivot low at 4936 suggests that the Index has likely resumed the decline lower and another swing lower is likely after the bounce in wave ((X)) is completed.

About the Author