WaveTrack International

Elliott Wave Financial Price Forecasting

Australia ASX 200

by m.tamosauskas| May 23, 2014 | No Comments

10_ASX_200_Australia_140523

Due to the price spike into Wednesday’s low of 5372 which renders the sell-off from 5554 into a more complex single zig zag sequence, the ending diagonal in progress from the Feb.’14 low of 5052 now has to be described as an expanding type. This does not however change original upside targets that are still measured by a fib. 38.2% upside extension of the 5457-5028 decline and project to 5631 during the next few weeks. These upside levels are in line with expectations based on the assumption of an expanding flat sequence that is shown unfolding as intermediate wave (4) and subdividing into a 3-3-5 sequence in minor degree, a-b-c. Wave a. declines to 5028 are currently followed by wave b. advances. Once a reversal from 5631+/- occurs, it will trigger wave c. declines to ultimate downside at 4873-38 measured by a fib. 38.2% downside extension of wave a. and the fib. 38.2% retracement of intermediate wave (3).

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WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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