Watch out for a last throw-over that will look extremely bullish, but ultimately turn around
Why should it turn around now when it did not the other hundred times? This time the rally is much sharper and persistent than previous ones which is typically the last wave where those who did not get in before eventually join and are burned.
Technically:
- trend spike which turned into a trend channel confirming the underlying sentiment
- MACD signals divergence
- MAs signal divergence
- expanding BB on daily-intraday charts from narrow range marks the start of a new trend
- the longevity of the range is a sign of reversal instead of continuation historically
Fundamentally:
- dovish tones from RBA, ...
