| Weekly Trend: | Down |
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| Daily Trend: | Down |
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| Daily Momentum: | ___ | Down |
4494 is an important level in the ASX-200. Below that we technically retain our bearish view, but any move above takes us back to a neutral stance. If we probe a little higher after todays move, yet fail to move above 4494 the bearish pattern becomes slightly more aggressive, that is we start seeing a ‘nesting impulse’ or a 5-wave pattern sitting within another 5-wave. If we are in a wave-3 lower, then one needs to think that it will extend and contain a smaller degree pattern as well. Back above 4494 really starts to confirm that all weakness to date 2010 is certainly corrective and not the end of the world as so many are currently calling. Even our expected move down to the 3800 – 4000 is a healthy decline within the realms of strength off the March 2009 lows.
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