Maybe. That gravestone doji yesterday maybe confirming sentiment change, sellers comming in. If it breaks 5650 on the down side then we still could find 5450 ish. Will be back closer to 200d ma then, which has been good support for the past 3 years. I did read a number of bullish reports this am suggesting confidence still out there on more gains this year. Not sure if we're done with this correction yet though. Another good opportunity and we may have a bit more weakness.Uncle Festivus said:Smells like a bull trap to me. Is this the plateau day before the bystanders decide to pull the pin. The major banks are leading the way down, most in the red after the spurt this morning. The tape suggesting buy orders are being met with the sellers today, at least for the banks.
kennas said:Maybe. That gravestone doji yesterday maybe confirming sentiment change, sellers comming in. If it breaks 5650 on the down side then we still could find 5450 ish. Will be back closer to 200d ma then, which has been good support for the past 3 years. I did read a number of bullish reports this am suggesting confidence still out there on more gains this year. Not sure if we're done with this correction yet though. Another good opportunity and we may have a bit more weakness.
Uncle Festivus said:A bit of conjecture about whether or not we are at EW point 'B', what do you think? It's back below my 61.8% fib level now.
Hmmm, must be a problem with Big Charts.Kauri said:kennas,
My charts aren't showing a gravestone doji... didn't the XAO close on its highs??
Not sure, but the doji seems to be todays action so far???.. if so yesterdays bar might be missing??kennas said:Hmmm, must be a problem with Big Charts.
Kauri said:Not sure, but the doji seems to be todays action so far???.. if so yesterdays bar might be missing??
dodgers said:Here's todays t/a view from macquarie..
The market was unable to hold the break of Fibonacci resistance at 5884, finding rejection today. I see the retreat as the start of next major downwave of a sequence that began at the 6050 February high. This process should take the index to a break of the recent 5614 low, with downside risk to the 5486 January low. A break of support at 5833 would provide
a degree of bearish confirmation. Alternatively, renewed gains to a break of the 5922 resistance would suggest that something altogether far more positive is unfolding, necessitating a re-think.
Atomic5 said:Any thoughts on this relentless rally today?
Someone just came in the room and noted that if you turn it upside down you get yesterdays chart.
Atomic5 said:Any thoughts on this relentless rally today?
Someone just came in the room and noted that if you turn it upside down you get yesterdays chart.
Atomic5 said:Any thoughts on this relentless rally today?
Someone just came in the room and noted that if you turn it upside down you get yesterdays chart.
Porper said:I am amazed by the extent of the rally today.Don't really know what to make of it.Finished on it's highs on very large volume.Very Bullish on it's own.
However when you look to the left of the chart at the preceding price action, obviously not all is well.
Very confusing.
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