$XJO - Market Analysis for Mar 22nd, 2018

Strong move lower today in the ASX, confirming that wave (ii) of iii has completed and price is now filling out wave (iii) of iii. 5785 remains the minimum expected target below before wave (iii) of iii completes, but based on the subwave structure likely needing another iv and v, it is possible it extends a little lower to the next fib at 5760 before starting the wave (iv) bounce. Either way, I continue to expect that the February bottom will eventually be taken out as price continues to fill out wave C of (4).

$XJO-ASX - Micro - Mar-22 1826 PM (1 hour)
$XJO-ASX - Micro - Mar-22 1826 PM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.