Hi Folks
Time for an update on my previous 28 Aug BRN chart post.
Looks like we have found a new waterline at 27.5. It's a bit higher than I expected with the FIB's, but "it is what it is".
Notice on the chart as each waterline is established there is a rise back to the previous higher waterline. I have marked these with a ^.
Waterlines establishment to leak: Purple at 50 took 15 weeks. Blue at 40.5 took 12 weeks. Lastly pink at 33 took 8 weeks to play out.
The time period of each waterline seems to be contracting, so far. Draw your own conclusions.
The removal from the ASX200 is in play. I had a look at some previous removals and there was for a time and effect on the SP. There is a general effect, but that can be mixed, however there is some consistency with stocks that were shorted with some significance. Have a look for yourself and draw your own conclusions.
I am not bargain hunting currently. There is the Sep quarterly and LDA issue still to play out. I'll let time pass me by with this one and just watch.
Just my opinions. DYOR
Cheer Lies
Chart, page-20571
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