The ASX continues its sideways grind. Expecting this to give way to more downside shortly..

in money •  7 years ago 

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The ASX 200's sideways grind since mid-Q2 continues to drag on - although the final outcome should still be the same as it was a month earlier. Now with a second breach of the 23.6 Fib retracement during the week, perhaps 3rd time's a charm. Weekly momentum still remains increasingly bearish as it has since late-Q2 and further confirmation would be a breakdown below recent lows at 5630 and then the psychological 5600 support. This formation should payout soon..

The MACD formed a bearish down-cross during mid-Q2 with an expanding negative histogram. The histogram has had negligible movement for the past couple weeks indicating fading bearishness, although bearishness should strengthen shortly. The Stochastic has been forming bearish lower-highs since mid-Q2, becoming overbought during late-Q2. Currently at its lowest level (67.4333) descending since late-2Q15 just prior to the start of the 2H15 "Bear Market". Still expecting much further falls from here..

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