Daily Murmur 18/01/11

by Gary Glover

4815 is the key resistance point for the ASX 200 broader market index.  You can get a reaction on the third attempt at a high but if it tries for a fourth attempt you don't need to wait for a bullish break to follow.  Gann spoke about this phenomenon often and from personal experience you can get pretty confident about the fourth attempt as it's a ninety percenter.
In short the market is congesting under the 4815 high and the lows appear to be getting shallower - which all point to a bullish break soon.

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Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.