redbacka' s wedgy wednesday, page-8

Just to continue to be contrarian for a bit longer in the coming few days (not a day traders view). These are only my novice-level thoughts for contrast - worth less than what you're paying for them - lol.

Here is some of the basis for my thinking that there's a bit more downside:

In the USA (only the Dow here, sorry) - dropped below support, still a way to hit the outer trend lines, indicators MACD and RSI both negative, volume up slightly on a down day (albeit one that partly recovered).



And a close up:


Now the all ords, as we noticed yesterday, a nice up day on the all ords and the XJO, but not the XSO which barely rose, and there were more falls than rises on the ASX yesterday.

It broke through support on Monday, recovered half way yesterday. Although it could go either way today, it looks like heading down over the next few days before hitting bottom. The chart I've given plots potential fib lines for if the bottom was around 4555.


Would love to be wrong because I haven't exactly stuck to my plan and I don't have much cash left for bargains :)