Hi Patrick,
... and perhaps another way to see this is ... that declining volume is not really producing any significant change in price (range) := desperation is selling ... not the committed longer time view.
Yes Korea looks bad, but is it really going to happen ... steadier heads and hands will prevail, and the US economy is doing ok, and things will improve for Oz. So short term ... looks yuk, maybe the big books are rearranging their deck chairs, but all the fish have to survive in the same pond ... there is no other pond, so a correction for now, not a tsunami. Also rectangle patterns tend to be consolidations. I would not sell your chart without a decisive break below 5600 (on say weekly) ... otherwise hold fast and seek opportunity. It is not time yet
... just my 2c worth
patricktapper
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@Oh_If_Only, Hi. Thanks for your post. I hope things will work out with Korea. US markets are much stronger than ours. I've posted an updated chart and background as to why I think our market will break. It's more influenced by the underlying major companies on the ASX200. The CBA is in huge trouble. There's more too. Hope you find it interesting. I wouldn't be ready to short now but take your point about a breakdown on the weekly chart. Cheers. P
... and perhaps another way to see this is ... that declining volume is not really producing any significant change in price (range) := desperation is selling ... not the committed longer time view.
Yes Korea looks bad, but is it really going to happen ... steadier heads and hands will prevail, and the US economy is doing ok, and things will improve for Oz. So short term ... looks yuk, maybe the big books are rearranging their deck chairs, but all the fish have to survive in the same pond ... there is no other pond, so a correction for now, not a tsunami. Also rectangle patterns tend to be consolidations. I would not sell your chart without a decisive break below 5600 (on say weekly) ... otherwise hold fast and seek opportunity. It is not time yet
... just my 2c worth