Last week I suggested that the All Ords would “decline from this level on the confirmation of a 1-3 day counter trend. Minor reversal dates coming up are Thursday 21 October …”
It opened up low on Thursday, went up all day, continued to rise Friday giving an up bar and a one day counter trend. Today the index fell sharply confirming a one day counter trend and a possible short position for Advanced Trading Techniques graduates.
Minor reversal dates coming up are 27/28 October 2004. As stated last week, expect major support in this decline at 3602, 3467, 3334, 3201 and 3066. Minor and support at 3669, 3641 and 3612.
Happy Trading!
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