ASX200 daily- Rising Wedge + Failed to break 38.2% Fib retracement.
According to Thomas Bulkowski "Rising Wedges, especially for downward breakouts, are some of the worst performing chart patterns. Downward breakouts have an unacceptably high failure rate and small post breakout declines. Also, throwbacks and pullbacks occur 72% of the time."
Predictions for short term (1-7days): 9000-11500
Drop: $9700 - $9800 - $10050 - $10300 - $10500
High volatility possible in lower 9k region if we go there, 8k lowest if something crazy happens, ex. extreme bullrun
Based on Vol Profile and retracements.
$10900 - $11500
Barring a huge dump, I believe we will continue to consolidate in the $10,000s region....
jet has moved out from a channel one can buy it on its trend line support. this trend line is also a neck line for h/s pattern.
resistance/ target(support after crossing) pitch fork line
2nd target 518
stop loss trend line break down