Australia! A Bogans Paradise
Updated
Hello Traders,
Looking at the chart we can see price has been in a well defined channel for the last 10 years.
It has taken that long for the price to crawl back up to the previous 2007 top and I mean crawl. From an Elliot Wave perspective these are some unhealthy looking waves with deep retracements each time basically invalidating the EW principle. Either way, you can see some kind of 5 waves impulse pattern.
The price reached the previous market top which just so happened to coincide with the top of the channel. The price has tried again to push higher but failed and now looks like a double top and is printing bearish divergence on the RSI.
Can they just keep pushing this with QE?
I think we all know by now the economy is floating on a debt time bomb.
Australia's housing market is one of the biggest bubbles out there which has been fueled through terrible financial practices.
I think this economy is going Down Under!
Bearish on stralia.
Looking at the chart we can see price has been in a well defined channel for the last 10 years.
It has taken that long for the price to crawl back up to the previous 2007 top and I mean crawl. From an Elliot Wave perspective these are some unhealthy looking waves with deep retracements each time basically invalidating the EW principle. Either way, you can see some kind of 5 waves impulse pattern.
The price reached the previous market top which just so happened to coincide with the top of the channel. The price has tried again to push higher but failed and now looks like a double top and is printing bearish divergence on the RSI.
Can they just keep pushing this with QE?
I think we all know by now the economy is floating on a debt time bomb.
Australia's housing market is one of the biggest bubbles out there which has been fueled through terrible financial practices.
I think this economy is going Down Under!
Bearish on stralia.
Note
That LH here looks extremely bearish. Note
Price has broken out above the channel and wedge which looks bullish. I did think the fires in Australia might have had a negative impact on the economy but it would seem that doesn't happen with QE. Note
Well that ended badly. Note
Australia got absolutely murdered. A rising wedge is forming. They can break both ways but I think this will break down.
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