ASX 200 (XJO) Short Term Outlook.

Will it stop @ Golden Mean retracement or can it punch higher ?

I don’t take signals from indicators but rather observe their reading to look for a reversal of some sort to hop on or off if the view is short term.

RSI daily overbought where a rest of some sort in the next few days may start. RSI weekly which is not shown reads around 54 and this rally may run until 60 reading is tested.

To the price action now.As the resistance offered by the Golden Mean retracement level as well as the 200 period daily SMA is being tested I am looking at exiting some short term orientated open positions on a reversal like pivot/key reversal or similar. Hasn’t happened as yet as one can see.  

Chart is courtesy of tradingview.com

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