after a huge move though the 5300 level, price is drifting back to the 5300 level, the current trend line
and working off some overbought conditions. i see this as a good place to renter to the long side, note there is some resistance at 5400, but i believe if we go back there we will break though. as i am writing this i have been trigged long, my place where i will move my stop will be 5450. after that i see the next turning point of resistance at around 5700, the old up-trend line. this recent correction may be leading into a bigger bear market, if we look at the monthly chart below,
we can see a lot of divergence coming in the real test will be when we get to 6000, having had 3 touches on it recently we will push though that level and to new recent highs. but you should watch the volume
for low levels, and indicators like RSI
carefully for divergence, if it is on low volume
that may be an inductor of more down side.
i believe though my analysis that though November (not just the ASX 200
but other indexes) we will see some more upside and some new highs but in early December the start of a bear market. this analysis is based on Gann