Turning point coming?

csw2002

Those who has read my recent posts know that I have turned bullish and believes that we are going into a cyclical bull market.

I have a chart given to me back in 2007 by an Elliot Wave practitioner. I haven't looked at for almost 2 years. However I found it over the weekend. It is a chart on the ASX200 rather than U.S. markets. What was peculiar about it is that it had marked out the key reversal points over the last 2 years (before the bear market started). What is scary is how accurate these levels turned out to be. To cut a story short, these levels have been accurate to within 50 points on the Australian markets. The current level of interest is 4393 and the last time ASX200 reached 4363 back in Nov 08, it started a multi-month bear leg. ASX200 today touched 4343 and traded down all day without looking back. Is this the turning point? I don't know. However, it's at least worth keeping an eye out for it given the high correlation between ASX200 and US markets.

ripplelet

thanks for sharing

live111

sds

澳大利亚从图上看不象是到顶了，只是短期有点超买，倒是往上走比往下走阻力小，市场总是朝阻力小的方向走，从EW看也不象是TURNING POINT。

csw2002

Update: Potential Turning Day + 1

ASX200 closed in red today, despite opening higher after strength overnight in the U.S. markets. It also marked a significant lower low and lower high.

smartll

possible

小亥

close enough.