Day Trading ASX 200 – Outlook for today 24 Sept 2004

Is this a low in ASX 200 Index? The Aussie market had a reversal day on China manufacturing data that was better than expected. The ASX 200 index had a lower low still a lower high and the count will start tomorrow.

Again a counter trend would be one to four days and a new low should occur. From Fibonacci levels perspective the move down is intact as long as the index doesn’t recover more than 50% (5509 level). Today high was at 25% 5424 and next would be at 38.2% at 5469.