Now approaching Oversold territory.
On the last 2 respective occasionsthis happened – .
The SP bounced up from 10.5 to 15.5 in 3 days in late Nov.
And from 11.0 up to as high as 18.75 in 6.days in late Dec.
From my past 20 years experience interpreting candle charts, a breakout usually occurs after the SECOND peak within an ascending triangle formation.Sometimes after the 3rd too, but never if the candles extend right across to the apex.
In MQR’s case its triangle began back in late Oct.Thus the next bounce up from today’s low of 13.0 should – at the same rate as the last 2 – soon take the SP well above my triangle's breakout choice of 16.5 twice reached late last week, to at least 20.0 or higher.
Regrettably I'm not used to loading Commsec charts on HC - did so successfully a few weeks ago - but not today.
