We have gone up 20%+ since 23 March, this is likely to be an oversold bounce or "dead cat bounce" in technical terms.
Since 90% of Shops are still close, Corona Virus is still in the headlines around the world and death rates are not showing signs of slowing down.
Therefore, it is very unlike that the bottom is in and we are exiting this bear market in the short term.
By looking at the short term chart, we can see a BEAR FLAG pattern forming for ASX200.
I am expecting lower levels and we drop toward the gap. (4700-4800)
Since 90% of Shops are still close, Corona Virus is still in the headlines around the world and death rates are not showing signs of slowing down.
Therefore, it is very unlike that the bottom is in and we are exiting this bear market in the short term.
By looking at the short term chart, we can see a BEAR FLAG pattern forming for ASX200.
I am expecting lower levels and we drop toward the gap. (4700-4800)
Comment:
also, a head and shoulder?
