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TOP40 Daily

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Oom_Boom
Frequent Contributor
Looking at the Top40 daily chart, where do you guys see it going, breaking out to the top or bottom? That is if I am correct in seeing a triangle formed.
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Bouwer
Super Contributor
If the market closes well red there could give us a direction. That said if there is a move lower the target is only around 44700. Target also coincides with the lower band of the long term trend line.
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Oom_Boom
Frequent Contributor
Thanks Bouwer. I was thinking along the same lines. Pun intended.lol
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Rams
Super Contributor
if you into Elliot Wave, you will see that the correction is underway...there is "C" down to go to possible below 45622(Bouwer, your 44700 ties up nicely with a possible break of the Head and shoulders and Elliot ABC correction) Now that is all too complicated. Simple analysis; Trend up with support at 200EMA , 200EMA now at 42800. This is a one year view on daily chart.If you in, long, long term, getting there will be a good time top up...
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Bouwer
Super Contributor
Have no idea how to use Elliot wave. Hardly ever heard of it, only a few times on the forum though. Do you have any good reading material I can get on this?
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Rams
Super Contributor
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koos2
Super Contributor
Why, sometimes I've believed as many as six impossible things before breakfast." Alice in Wonderland.
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koos2
Super Contributor
Kindly point to a site that gives correct opening , high , low and closing for the alsi. The one i use changed it's t's & c's and there are some baseline errors creeping in. Thanks!
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Not applicable
good book that - and an excellent source of information on elliot waves too - in answer to a previous question
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Bouwer
Super Contributor
Seems the triangle broke up-wards. and the new target is around the 48K mark. Any other techies have a input?
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Bouwer
Super Contributor
@Rams, I haven't really had the time research Elliot waves in detail, but I do get the idea behind it. It's very biased to say the least. Just to give you an idea, if I look at a weekly chart of the TOPI since bottom at 2009, we are in wave 3 now and I am
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