This is in continuation of the analysis done on 24/3/2015 for AORD, the sister index of ASX200 (here). There, at the top made at around 6000, the Elliott wave counts were showing a great possibilbity of a major correction. Which has what has happened. Now going forward, there are a multiple ways to count the move from the bottom made in Mar 2009. There are 3 possibilities shown on the chart
- Mid term bullish in red (this will likely postpone a major bear market crash to another day/year).
- Mid and long term extremely bullish in blue
- Bearish in dark green
All seem equally possible until the ongoing correction is confirmed complete. The trend line in red and the channel in blue may also help decide the future move.
As of today, index had taken support at 50% retracement at the red line. Next support lies between 4600-4650 at the blue channel support.
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