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 you 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.

Wednesday, April 13, 2011

All Ords correction still 'normal', but Dow and dollar more negative

This correction still looks like 'normal' profit-taking, although the fact that today's high did not go above the mid-point of yesterday's range indicates that the All Ords will go lower before this correction is over. Of course if it moves lower it could develop into something else so we will keep close eye on things. Here's the chart showing an Elliott Wave count.
The chart for the Dow unfortunately is a bit scarier. There is divergence on both the weekly and daily RSIs.  If it makes a new low tonight, that would tell me the Dow correction has a bit in it yet. Whether that move down is brief or develops into something else remains to be seen. 
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