XJO 0.74% 8,285.2 s&p/asx 200

Personally, can find TA reasons to suggest at least a POSSIBLE...

  1. 2,651 Posts.
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    Personally, can find TA reasons to suggest at least a POSSIBLE S/T top very nearby. Whether that results in a larger degree pullback or a pullback at all only TIME will tell. But as kates (9 to the 4th) says' "you can only follow your 'bible'(tools of trade)." ...AND my tools of trade certainly say I should not be 'buying' at these levels but open a short position, or sell if long or at the very least 'tighten' those stops right up if indeed long.

    S/T chart pattern has already been 'displayed' here ... a broadening or Wolfe-like pattern(also on many other US Indexes). Sure, the wave labeled as wave 5 can fold right here or breach the uptrend line resistance of the pattern(and often does) and still be valid but the consequences on confirmation are ... well, as martis has pointed out ... a 250+pt down move.

    L/T Weekly chart highlights some Fibo extensions levels right at current levels or a smidgeon  above present levels(where some important Astro resistance comes in on the back of explosive timings, right kate9x4) that could signal a more meaningful pullback BUT still not mean the be all and end all  for the US markets as some have implied.

    Just one "techo's" OPINION ONLY, right...



 
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