Outlook for ASX200 Index week starting 30 Jan ’17

Have a look at the daily chart of the ASX 200 Index: This is a bullish chart as the pull down has been a little more than 25%.

On Friday 27 Jan, the ASX 200 index made a high at 50% of the move down range (see the high at 5827 level and low at 5604 level) so a pull back for one or two days wouldn’t be out of question.

The real question is though if the ASX 200 index can make a final high (above 5827) that will make the 5th wave (must be shorter than w3) or make a lower high and go for an a-b-c taking the recent low at 5604 for a wave c. Then taking the high at 5827.