At present, the Aussie ASX200 ($XJO) is fairly straightforward. From the 5/12 low, it looks to have completed a leading diagonal, complete with a nice, textbook “overthrow”—with only one very minor reservation. Strictly speaking, wave “3” cannot be the shortest wave and in this case, blue 5 is longer than 3 by 1.5 points. That may be an inconsequential violation.
From that high, it has pulled back in 3 waves and is at the 61.8% retracement of the advance now. All of this is a good setup for a 1-2. Should it rally from here, the target for minor (green) 3 is the orange box above, the upper end of which is the all-time high.
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