Australian Stock Market - Down

The Australian Equity market has been going down for some time, both the price action and the 34 EMA Wave point to a downtrend. A bullish divergence with a double bottom and a false breakout pushed price back to value, which is where you want to short. As of Friday's close, the impulse turned red, ending the divergence.

Expect 4500 to get tested, stop above the recent swing high.