With secondary weakness in both China and the US, the ASX 200 broke support at 5200, signaling another correction. Reversal of 21-day Twiggs Money Flow below zero suggests short-term selling pressure. Recovery above 5250 is unlikely, but would indicate a bear trap. Failure of primary support at 5050 would warn of a primary down-trend.
The monthly chart illustrates the importance of primary support at 5000. Breach would confirm the down-trend, suggesting a fall to the long-term trendline, around 4600.
* Target calculation: 5300 + ( 5300 – 5200 ) = 5400
The ASX 200 VIX rose sharply, but (below 20) continues to reflect low market risk.
thank you sir . very nice analisis