The ASX 200 weakened towards the close and is testing medium-term support at 5000. Breakout below 4980 would warn of a correction. Declining 21-day Twiggs Money Flow, indicating medium-term selling pressure, makes this likely. The index is in a strong primary up-trend and a 5 or 10 percent correction would not alter this. It is merely a case of one step back then two steps forward.
* Target calculation: 5000 + ( 5000 – 4500 ) = 5500
Twiggs, give us downside targets as well . Displaying only upside targets reflects bias thats not seemingly supported by short-term trend line and momentum. Anything can happen . Thanks
Good suggestion. And here I thought I was a perma-bear.
If 4950’ish doesnt hold the looks like next stop will be 4900+/-25pts, after that 4750.
Depends on Shangahi (strong today) and US markets.
I suspect a 3% drop on SPX might take XJO to mid/high 4800’s.