Elliott Wave for the XJO CFD / Aussie 200 / ASX 200
Still looking for trade set up long or short out of the long sideways pattern.
We know that the resources are supporting the ASX200 and stocks like S32 have a few more weeks to the upside, but its the Australian banking sector that will be key in determining the out come of the ASX200.
Today we take a look at Westpac (WBC), because if we use the Trading Levels concept with 33.00 the top of Minor Group1 (MG1) developing as the support, then we have a bullish trend being established. If however 32.00 becomes the tested resistance then we are in bearish mode and the ASX200 will break lower, so we still have have time before either the long or short trade set up falls into place.
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Pete, I don’t know how you’re doing it but your ability to pick the fall of last night/this morning is impressive. Just wanted to say keep up the good work and looking forward to the latest ASX200 video! Cheers, Daniel B. VIC
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Hi Peter, I have been a TradingLounge Member for only a short time, but I would like to say that I am very happy with what you are doing. A couple of Forex trades that I've done in the past few weeks have put me nicely in front. Thank you. Alan C. QLD
Hi Pete, I HAVE CHANGED from a person with very little experience or knowledge of the stock market a few months ago to pretty much being taught the essence of the market by a market guru (you). I call you Grand Master Pete. Lee M. WA
I will encourage my mate to become a member because it has helped me heaps, with all the educational help from Pete as well as the daily service and the seminar. It's all great, where do I stop? Great service at a great price! Thanks again Jason N. VIC