I have 2.30 as what might convince bulls that stock is supported...

I have 2.30 as what might convince bulls that stock is supported & bears will keep trying to short only if they can hold 2.40
If bears lose 2.40 they will still try to regroup at 2.48 but we'll see what happens after today before looking ahead

I am going to try explain something with a chart (I can't find an Australian version so I'm using a US just for illustration purposes)
It's going to be messy so stop reading now if you're not interested

Firstly you can see the 3 black arrows there, we had the market correction last year when the rest of the world had priced in rate cuts we were still pricing in a 5% rate rise
April correction we still had another rate rise priced in
It wasn't until the a June period where the asx finally stopped pricing in rate rises
Now I don't know what the current market is pricing in but from the last spike it looked like a 0.2% cut
We should get confirmation before the end of October

The 3 pink arrows show the downtrend suppression has finally broken for the year with a fake breakout & many stocks took advantage of that
I wasn't expecting markets to take off yet but I didn't expect some stocks to return to their lows so soon

The purple squiggly line from earlier in the year is the xjo January pullback with the feb/march record highs at the time (stuck below the purple line)
The dumb bears have been literally trying to short the xjo all year even while it sat on the floor
The current purple squiggle is where the xjo is now (sitting at the purple line)
That might not hold now, but after October it def will
Once we start seeing higher lows, we know the bull trap phase has begun
As traders sell shares, they won't be able to get low prices any more & juicy meltup prices will begin to appear
If Australians continue to sell their shares before rate cuts get priced in, the xjo could make a push towards 9000 next year at this rate

Red arrow is the next channel markets need to get through
Xjo can have a rising wedge in September with record highs again before an October correction again
It can have a fake bounce & just sell right through until October
Or it can just keep plunging (US vix has stopped climbing for now so we might be able to rule this option out but we'll need to wait for the US tonight to confirm)
That's the messy red squiggles you can see
I have specific numbers for the xjo with a more accurate chart but I won't post them here

Unfortunately the green squiggle is PNV
We went down to the green line
It has pulled itself back above the black line but it is nowhere near current market levels

I've been a patient person the past 2 years
Topping up where I see value, trading where I see the need
But mostly just building my portfolio & slowly it continues to grow
Portfolio is still up quite considerably the last 2 years even with all the plunges & corrections markets have had
I might day trade the xjo regularly to build cash faster but with stocks I buy & sell only a few times a year
Selling Australian shares now is like the 5th Beatle that left because the Beatles weren't going anywhere