Day traders' weekend lounge March 12 - 14, page-152

The ASX masterpattern sits at 6766.8. The strategy at present is to 'buy the dips' below current price and 'Sell the rallies' above current price based on the weekly chart masterpattern. The weekly masterpattern is above.

The XJO 6766.8 daily chart is showing a test of the 50sma which looks suspiciously like price might fail to get above the 50sma and stay above this line. Overhead resistance is massive at present and represented by a double supply level. Adding to the suspicion that the index is wanting to go down rather than up is the coiling of the 8ema, 34 ema and 50sma above current price which is a classic bearish sign. Price has been consolidation across in a narrow range since late November last year and this looks like the best possibility at present with a possible move lower to test the 200sma at some point a real probability now price is struggling to hold above the 50sma