Hi FolksQuick follow up on yesterdays post with a look at the...

Hi Folks

Quick follow up on yesterdays post with a look at the weekly charts. Last chart post for a long time as I don't post charts while travelling.

The recently bounce in Feb has already retraced into DCB country. Which raises the question of whether it will retrace completely back to 16-18 or form a higher low.

On the chart there are a series of bearish indicators.
* most important of which is that 3 weeks ago the weekly high-lo traded entirely below the 10WMA, You can see what happened when it occurred in June earlier in my chart. There have been several of these bearish indicators since 21 Aug 2022 when the SP was 94.
* Next the 10WMA is falling sharply (any bounce into the AGM would only just cut into it)
* The 40WMA has again begun to fall sharply and further down the track the 10WMA could cross below it (very Bearish)
* MACD and Stoch's are negative and the RSI(5) still had room to mover into the red oversold area. (see red ellipses)
* The ABC downward wave pattern has completed the A-wave and the B-wave bounce and commenced the C-wave downward extention and so far has already reached the 23% FIB extention. A continuation down to beyond the 38% FIB extention will take us into the teens. I expect the downward extention to restart after the AGM.

I bought a trading parcel in an attempt to add another free carry parcel to my Super at that last lowest waterline late last year. I sold 40% into that first DCB after the 53.5 peak at the 50% FIB bounce level.

Originally I was going to re-buy them about midway between the 23 to 38% FIB downward extention. Because of the charts I am now looking to buy back in the teens, when i get back.

We shall see?

Just the way I deal with the markets so that I am not surprised by what plays out, as always DYOR

cheers Lies ( the old fool according to the Empress)