Day trading ASX 200 – Outlook for today 11th August 2014

Is this a low for ASX 200 Index?

The markets have became volatile lately especially for geopolitical reasons.

Although some damage has been done in our Aussie market there is no change in trend YET. We need to look at the next pull back (which I suspect will start Monday) to evaluate the situation. I put Fib retrenchments in a 240 min chart attached. The market had a low at 5425 and if it can’t retrace 0.618 or more to or above 5560 (this is the breakout level and strong resistance now), then we might have a change in trend.

For tomorrow I have an expectation for a high at 5485 level that is just above 0.25 Fib level.