XAO Indicator

This blog is intended to be read in conjunction with the XAO Indicator which can be found at http://www.asxindicator.blogspot.com/

I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Thursday, March 3, 2011

CBA falls below trendline support but Elliott Wave count still pointing up

CBA's share price fell below trendline support on Wednesday but failed to close below it. In the meantime the Elliott Wave picture on the daily chart remains positive although it is now unlikely the price will exceed the mid-February high in the short term. The correction has been just a bit too deep to be considered normal profit taking even allowing for the ex-dividend factor. A fall below $51.90 at this stage would increase the odds that more than an ordinary correction is playing out.










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