Would look to target 6310
Lovely bounce and hold off support. Potentially a false break lower out of broadening formation. Worth a small long with a stop set at this mornings lows
Through here targets 6310, otherwise back to down to 6060
Broadening formation has broken down with lower targets. But we are on lateral support here and RSI very oversold. There is a gap I would ideally liked closed at 6130 before we head lower. Decent RR
After this morning's sell-off we now have a confirmed broadening formation. This can be bullish or bearish, BUT confirms the indecision/volatility we have seen recently. We are also on the lateral grey support area. Can take a sneaky long here to play the range with a relatively tight stop. Keep an eye on the wedge that is still in play .
Double overhead resistance, and bearish RSI divergence. Can place tight stop. Good RR
Wedge has broken to the downside, BUT bullish hidden divergence has developed. Higher highs and lower lows are still in place and we could still be in the process of building the handle to a bullish C&H pattern. Developments are changing daily. Keeping positions small, following the trend of the day, and sticking to my SLs
Bearish second rising wedge keeping things interesting
The potential RHS of a larger H&S pattern we identified earlier this week is potentially changing into a bullish C&H pattern or a bull flag. The indecision between two conflicting patterns makes me feel uncomfortable so I will wait for further developments before getting involved. Last couple of days have been low vol days which usually precede larger moves. ...
Been patiently waiting for the LHS to form. Can pre-empt based on RSI divergence with a tight stop just above 6300, or wait for confirmation by break of NL. I am keeping an eye on the 20SMA - not ideal that it is pointing upward.
Lovely bounce off lateral support as expected...now we wait patiently for signs of a reversal
False break higher in wedge confirmed = bearish. Potentially better short entries points coming up
H&S forming, wait for confirmation. Could be a false break higher out of wedge = would be very bearish for the index
Been a good run... and run a bit hard. Time for a pull back I think
Multi-year bottoming pattern. Higher highs, and higher lows. 200w SMA providing decent support.
Break below 480 confirms bearish H&S
H&S forming, will be confirmed with break of NL = 118. Would like to see gap at 111.80 filled. Full target = prior low at 107.60
Back into no-mans land (red area) - I wouldnt be surprised if we see 5715