ASX All Ordinaries Short-Term Elliott Wave Analysis
Bounce to 5800.4 completed wave (X). From this level, the Index declined in a triple correction form ((w))-((x))-((y))-((z)) where wave ((w)) ended at 5685.6, wave ((x)) ended at 5752.3, wave ((y)) ended at 5581.9, second wave ((x)) ended at 5606.6, and wave ((z)) of W is expected to complete at 5503.7 - 5560.1 area.
As Index is currently already at the inflection area above, wave X can happen soon ideally reaching 5643.3 - 5680 before the decline resumes. We don't like buying the proposed wave X bounce. As far as 5800.4 level holds in the bounce, the Index is expected to resume lower after wave X bounce is complete in 3, 7, or 11 swings.
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