Australian Market Update.

At the close today, XAO achieved a neckline breakout of it’s anticipated BULLISH HEAD & SHOULDERS BOTTOM pattern which was in the making. A follow through with tomorrow’s price action would validate this pattern.

XFJ ( ASX 200 Financials ) sector also achieved a BREAKOUT on the 30 Minute TF suggesting higher prices.

XMM ( Metals and Mining) on the daily was already registering higher peaks and troughs.

At this moment in time ,short term charts are very useful in identifying turning points. If ,by the end of the month the long term monthly charts also turn their short term trends ( Dow Theory 1st TF) higher, that may suggest a potential bottoming may be in place.

XAO Daily Chart below with it’s completed H&S bottom.  If Wyckoff method of analysis is applied,  right shoulder is marked as LPS ( Last Point of Support).

Will the H&S be validated tomorrow ?

xao02032016

XMM Metals and Mining Daily Chart below registering higher peaks and troughs.

xmmdaily02032016

XFJ 30 Minute Chart With an Intra Day Breakout.xfj30mintct

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