Further gains today, but it was be the first re-test of recent lows that will show if we've reached solid support.

After the large falls last week, not surprisingly, we saw a bounce today.

This fit's with the current wave labels, but it's an unusual pattern. The next few days and weeks should tell us if we've found a firm base for further gains or not.

Prices took a real hammering today.

I can count an alternative 5 wave pattern (see grey line pointing to a previous high), but the action since makes it unclear if that was the high.

Ok, after today's additional falls, there's clearly something more complicated going on with this current chart pattern.

My best guess is below, which is an a-b-c-X-a-b-c pattern - it's the only way I can explain the action at the moment.

If correct, we should see support around 6180-6220 - the former being previous lows marked c and a.

Despite being hit hard today, after heavy falls on Wall Street overnight, the XJO has still maintained a higher bottom after yesterdays record close.

Unless Wall Street continues to fall, we should see a breakthrough of the recent high.

We broke through today, so should see a follow through next week as prices push higher to complete the last 5th wave over the coming weeks.

Note that this is a wave 3, so the possibility of an extension is quite high (if it hasn't already begun in the triangle pattern).

We're bouncing around in this triangle pattern at the moment and hopefully we will push higher soon.

We had a sharp 55 or so point fall today.

We're still maintaining higher highs and lows on the daily chart, so I'll stick with the more bullish picture.

There's a triangle pattern forming with higher lows - usually a sign of increasing buyers and fewer sellers.

This 'should' lead to a push higher (hopefully not a failure).

Small range day today. The hourly chart looks like it's a corrective decline, so hopefully a pause before pushing higher.

Today's chart chart below.

There was a new intraday high this morning before we drifted lower.

This bodes well for higher prices next week.

We pushed higher today.

With a bit more encouragement from Wall Street, we should hopefully push to new highs in the next few sessions.

Lower prices today. We will need a push higher fairly soon to keep the current labeling alive.

We hit an expected resistance level today, namely around the level of two recent highs.

Prices often push through or fall away on the third attempt, the latter being a triple top.

All things considered, it's looking like we will push through - hopefully in the next day or so.

It looks like we will break to a new all time high this week.

I've added labels on today's chart showing a possible 'final' 5 waves to end the pattern.

Despite loosing some ground today, the XJO looks like it will push higher from here to finish off this pattern.

If the green wave 4 label proves to be correct, the wave 2 decline was fairly large - which means that wave 3 should push a fair bit higher.

It looks like the bulls have taken control, at the moment anyway, and we're pushing higher.

If you interest in gearing shares for a better return, you may want to check out my other site TradingTheSPI.com - whilst the name suggests a focus on the Futures Index, from this month I've started to feature Top 200 shares that can be 'geared' for better returns.

Even if you don't wish to gear, the shares discussed are in strong up trends and don't seem affected by the dips of the ASX200 Index.

Not much movement - the interest rate announcement must have put a damper on things today.

I think a breakout should occur fairly soon.

The DOW in the US is holding up fairly well and the broader S&P500 is looking almost ready to push to new highs. This may give us some clue as to where we are in this pattern.

5th wave failure or start of the start of the final wave 3 of 5 up?

I'm still not sure which way we're going to swing next, so let's wait and see.