haven't been trading for a couple of weeks (working on a project); we still seems to be in that sharp uptrend channel. One thinks that after a bit of blow off top (above 76%fib vaccine highs), it's time for a down swing. however, if we maintain this up channel, there is no reason we can't see 6800-6900 (upper bound of the current up channel).
if we go for a down swing, then next stop is back-test of the red channel (previous up channel before breaking above); Note that we backtested it once the next day after vaccine news and on that occasion it rejected going further down.
Friday Nov 20, page-52
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Last
7,766.7 |
Change
-21.600(0.28%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,788.3 | 7,801.4 | 7,765.7 |
| XJO (ASX) Chart |