After seeing the magnitude of the pullback on daily and weekly, I am doubtful of any “V” type reversal with All Ords (XAO). I say welcome to another potential trading range/flat price action behaviour/congestion within a major uptrend which may last 5-10 months in duration.
Monthly, long term chart is the focus by trying to keep the daily noise out and focusing on the big picture.
What are we likely to get by the end of the month if we examine the last three bars/candles which includes the current bar ? A bearish pivot which is yet to be confirmed. If on hand that would suggest further corrective period ( flat or further pullback) over the next 5-10 periods ( months).
In terms of the major trend, in a major time frame, nothing new as the bull run is still in full effect. Close below April low, on end of month closing basis, would change my stance on this front, if on hand.
This is it for now and enjoy the daily noise if you chart in that time frame.
Chart is courtesy of tradingview.com
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