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ASX Elliott Wave Analysis, 21 August 2017

ASX Elliott Wave Analysis,  21 August 2017

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.

 

Elliott Wave Analysis on target!

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Related

Tags

INDICES: Australian & Asian, STOCKS: Australian

Categories

Indices CFD Trading, Stocks, ASX Share CFD Trading

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