Daily charts for the Australian market have
taken a small turn – with a new five wave impulse downward pattern
emerging.
Nothing serious but let’s look
at key indices charts:
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So just short-term weakness, as I would expect after this tiny shakeout we will see attempts at a new high:
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But it is a rather tempered move which may fail to meet the old 2007 high:
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As I have mentioned a few times in recent months, this contrasts with many global markets which have already well and truly taken out the old highs – the S&P 500 is a case in point and has cruised past the old high with the greatest of ease:
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So there may be some short term plays in the local Australian market in the coming weeks.
Enjoy the ride
Tom Scollon
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