MIN chart, page-1425

Well Weird, the price action rotated from bullish to bearish as soon as the US announced their ratings downgrade. Didn't think it would hit Aussie stocks as much as it did but there you go, what in the hell would I know? Disappointingly, I needed to close my trade so will wait for it to set up again.
The Yanks just ruined a good chart.

So currently all is not lost as the SP is looking for support from both the 50ema and the Bollie median and as the sell down has been off little volume there's a good chance they might hold but we'll need to wait for confirmation of that. There's a couple of gaps it could clean up while it's down this way but they're no big deal. (I just like a tidy chart)
That lower MACD chart has my attention because if that does cross to the negative then we'll be testing lower lows IMO.
As always when a chart reverses either way we need to be patient and let it play out to get the new data on momentum. Makes it easier to make a decision going forward.
I'd like to think it wasn't just profit taking on Monday but rather a few nervous folks protecting their capital off the back of US downgrading which I totally understand but it makes it harder now to work up to the 30.50 level IMO.