Australia: ASX 200 falls
By Colin Twiggs
November 13th, 2012 2:30 a.m. ET (6:30 p.m. AET)
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The ASX 200 broke support level at 4400, warning of a correction. Respect of medium-term support at 4250 would suggest another primary advance, while a test of primary support at 4000 would indicate an aimless market.
* Target calculation: 4450 + ( 4450 - 4000 ) = 4900
A 21-day Twiggs Money Flow peak below zero on the daily chart reflects medium-term selling pressure.
If you can't convince them, confuse them.
~ Harry S. Truman
Author: Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.