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Hi,
Friday's action of the Australian SPI was interesting because it fell at
the open to the Fibonacci retracement of 61.8% of its previous range at
2574.20 and then rebounded to just above the 38.1% at 2628.68, closing at
2634. This coincides with a Fibonacci Time Day (change in trend date) on
the 01/18/98 a Saturday-- a probability arises such that it was either one
day earlier having touched support on Friday as exemplified by its touching
the 61.8% fibonacci support, or it might be a one day late , meeting
resistance at the 38.1% of its retracement so that come next week, it would
meet a temporary top.
Enclosed is an Elliot Wave analysis, generated from the Elliot wave
analyzer (now WinWaves), which shows a good uptrend potential exists--
2734.6 at the top of the uptrend channel . A gap exists at 2654.43 waiting
to be filled, and DGL shows a target of 2706 on the 01/29/98.
Aussie SPI traders, could you share your thoughts on the SPI for the coming
days ahead?
Regards
Peter Lim
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