S&P/ASX 200 Daily (30.08.2014) Technical Analysis Training

ASX:XJO   S&P/ASX 200 Index
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The ASX 200 Australian Index (S&P/ASX 200) Daily Diagram Technical Analysis Training shows the following:

The ASX200 extended the uptrend movement last week but it declined last Thursday making a local top exactly at the top level of the uptrend channel like before.

So the first think in mind is the case of the KUMO approaching correction like before. .

We have no special candlestick pattern except the long red candlestick of last Thursday. The index is above the KUMO and above the Kijun Sen (blue line) and the Tenkan Sen (green line).

There is no special pattern.

There is a divergence on MACD in process. If the divergence confirmed on Monday, then short for Kijun Sen first (blue line). Stop loss above the channel.
Definitely agree with this one. Also considering the low iron ore price and earning season wrapping up, should see this one play out. Good job.
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