weird wacky week, page-60

Odysseus, the worrying thing with the weekly is the other patterns it's forming. My expanding wedge is very bearish and one could argue it's a big dead cat bounce. It could also be a double bottom or even form a triangle. I think best case scenario would be a descending triangle forming a nice base before moving up. Imo that doesn't fit with the current economic cycle though. With so many businesses hurting because of many reasons and the consumer tightening purse strings, a steady down from here for a while makes sense to me.

I know we are supposed to be in a resources boom but everything else is getting hit and they can only hold up so much. If the resources weaken, what is keeping australia boyant? Not much really... Yes that's a bit doom and gloomish, but that happens in the big cycle of economies.