BANKS, don't bank on them

banks,

looks like going to be making lower lows next week and testing their new monthly pivot lows.

WBC 13.60
ANZ 17.25
NAB 32.95
CBA 29.57

Dead cat bounce and failure. Trade price action.

Sept/October sell offs are more in tune with consolidation at lower levels and then look for 10 day high break to confirm the up market.

34 day cycles just begun after they broke their 3 day lows some 13 days ago, so the bear trend might just continue a wee bit longer.

The Banking index did bounce off long time support areas and fib numbers so their is a positive sign there at this stage.