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All Ordinaries (XAO:ASX) Monthly Line Chart
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Click to Enlarge
The monthly chart is maybe giving a hint of a double top. If it breaks through, the sky is the limit but if it does not, then we could be staring down a cliff edge.
The Financial sector – our major sector - gives us a little positive sign in that we could see completion of a wave five pattern as it moves higher to complete a wave five high. Albeit a small one
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S&P ASX Financials (XFJ:ASX) Daily Line Chart
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Click to Enlarge
The only major sector where I see some possible major movement is Materials:
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S&P ASX Materials (XMJ:ASX) Weekly Line Chart
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Click to Enlarge
But as this is a weekly chart it could take some time to play out – several months perhaps.
So, you may as well just extend your holiday!
Enjoy the ride
Tom Scollon
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