WESTPAC (WBC.ASX) Short Term Outlook.

Important days as well as the congestion of the past as marked on the chart.Completed short term accumulation turning the medium term trend to UP within a major down trend sums the trend condition of Westpac.

Trend or counter trend trade ? Nothing wrong with either as long as safety mechanisims are in place.

Is 50% gain from lowest low to anticipated short term target possible. Sure and that is what different target calculations are suggesting. I will only show the simple calculation which any of us can do. That is calculate the height of the pattern and project it to the upside which is what I did here.My PnF target(not shown) for WBC is also in the same zone.

It is impossible to pick exact bottom or top, but, near enough is good enough. With WBC $15-$16 entry was possible after identifying the SELLING CLIMAX DAY.

Will I be surprised if WBC over the days ahead tests its 200 period SMA ? Not at all and It is expected.

REWARD/RISK ratio is 2.5/1 (approx.).It is good for a major bank IMHO.

Technology sector one may mention has been a stellar sector but we cant ignore the price action of the banks if there is an acceptable REWARD/RISK.

We are heading for the targets ( counter-trend targets) published and I have no doubt they will be tested.

Do I have a faith in this market ? No, but that is what I believe not what market may or may not do.

Enjoy your long weekend and safe and happy charting.

Disclosure : WBC held.

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