The weekly 50ema is struggling to cross the 200ema on the XJO which may signify more bearish potential. We also have a bullish hammer candle on the weekly which may signify a reversal with a retest of the broken wedge pattern not surprising.
On the DJIA weekly the fib fan pattern is working well with the DJIA clearly breaking down & looking to test the next fib fan level. WilliamsR% indicating more weakness to come. This chart is bearish.
The AUD/USD weekly chart shows a breakdown of recent support with a reverse hammer candlestick. This chart also has more room to move down on the WilliamsR%.
The H&S pattern on the SPX weekly WilliamsR% indicator has worked well with more room to move down here as well. The SPX like most other charts has a hammer candle.
Reality is that all these hammer candles are courtesy of G7 intervention otherwise we'd be looking at full body red candles. This to me leads me to believe that a bullish trend reversal is not highly probable.
[IMG][IMG]
The weekly 50ema is struggling to cross the 200ema on the XJO...
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Last
8,118.8 |
Change
-41.200(0.50%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,160.0 | 8,160.0 | 8,063.2 |
| XJO (ASX) Chart |