do we have an expanding wedge here (or a broadening formation in Martis speak) ?? Even if we go higher today as long as we close at 4010 or lower then I say very likely.
See chart below. The 3 diverging orange lines are a fibonacci fan with ref points the low and high of the march june rally. Note how the last 2 lows have been right on the intersection of the fan lines and the lower wedge trendline...at least within a day.
The next intersection is next week on the 22nd...that is a Jaolsa turn and good sense tells me never to argue with Jaolsa turn dates.
LOL the fundamental decription of a broadening formation, according to Edwards and Magee is when the market does not know which direction it should be heading. That seems to fit the befuzzled bemused tone of HC atm.
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Last
8,668.2 |
Change
-89.000(1.02%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,757.1 | 8,757.1 | 8,648.4 |
| XJO (ASX) Chart |