JD, I agree. Our market seems to lack the conviction to drive in any particular direction at the moment. Of course any period of consolidation will come to an end and I'm trying to decide when and which direction. My long term expanding wedge completed a while back now and when patterns complete, consolidation is normal. I have to check my notes on a normal time frame of consolidation but we must be getting close to some sort of move. I'm favouring the bullish side of the argument (in the big picture) but after a period of increased volatility, it would be normal to have a quieter period. Keeps everyone guessing and probably makes sense if large amounts of money have been extracted from the market. A small steady trickle of bargain hunters over the next 12 months will slowly push us higher I suspect but the explosive up move that quite a few expected seems unlikely to me now.
Time will tell and of course things out of left field can change the game in an instant. I'm refining my longer term game as I suspect I might need it soon.
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JD, I agree. Our market seems to lack the conviction to drive in...
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