It is a breakout, it is mini wave 7 of wave iii with a record volume of 62 millions shares traded.
ASB closed at 33.5 sens today. Since the magnitude of major wave 1 is 12.5 sens and today's closing price of 33.5 sens is 1.618 x 12.5 sens and since ASB has mini wave 8 and 9 of wave iii, wave iv and wave v in front of it, major wave 3 should at least reach 46 sens (2.618 x 12.5). On a more bullish count it may reach 58.5 sens (3.618 x 12.5). After completing major wave 3, it still has major wave 4 and 5 to go.
One question is, "Can Dow able to hold for so long for ASB to complete its wave form ?" Wave form can always change with new developments.
Porter Stansberry, founder of Stansberry Associates asked, "How long do Americans have before the world dumps the dollars?"
With trillions of dollars of debt and a Federal Reserve that has engaged in two rounds of quantitative easing (and QE3 potentially on the way), his point is that the financial stability of US is on shaky ground.
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