can someone pls help our market it looks sick, page-15

Extract from a FIBONACCI FORECASTER post:

AUSTRALIA

Looking at the futures market which is vitally important, it stopped going down at 61%. While the progression isn't the same as the NDX in terms of resistance and polarity zones, its the 61% line we are waiting on here in the US. We can make the case Australia already had the test. The ASX settled somewhere between the 61% level and the gap up on April Fool's Day. It still held that consolidation period at the end of March.

Its critical these support levels hold, that is the bottom line. But lets look at the potential worst case scenario. We've done for the US markets. The Australian markets are holding the line to start the week. Let's say the low here at 61% is retested. You know what the pattern would look like, right? It would start to resemble a head and shoulders pattern with the late March consolidation being the left shoulder. A retest would end up being the right shoulder. But here's the kicker: its not a head and shoulders pattern unless the neck breaks.

What is my point? These markets are treading on thin ice as well. We can make a case that Australia is the first major index we follow that has held the line at the big test.