ASX All Ordinary Short Term Elliott Wave Analysis 6.5.2015

Bounce to 5800.4 completed wave (X). From this level, the Index declined in a triple correction form ((w))-((x))-((y))-((z)) where wave ((w)) ended at 5685.6, wave ((x)) ended at 5752.3, wave ((y)) ended at 5581.9 , second wave ((x)) ended at 5606.6, and wave ((z)) of W is expected to complete at 5503.7 – 5560.1 area.

As Index is currently already at the inflection area above, wave X can happen soon ideally reaching 5643.3 – 5680 before the decline resumes. We don’t like buying the proposed wave X bounce. As far as 5800.4 level holds in the bounce, the Index is expected to resume lower after wave X bounce is complete in 3, 7, or 11 swing.

$XAO-ASX 6020150605014619

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