Short term BULLISH developments with a confirmed PIVOT POINT SHORT TERM REVERSAL (BAR CHART TERMS candle chart shown) yesterday and a follow through today. Candle of the 25th of August is the preliminary support for those of us with some knowledge of the WYCKOFF METHOD. Also we now have a POTENTIAL (not confirmed) DOUBLE BOTTOM in the making. If confirmed, It may be reasonable to assume that we may test the zone marked as SIGNIFICANT RESISTANCE. But before that, we need to see the double bottom confirmed with a higher high candle/bar above the 1st resistance zone.
Repair work in progress ATM with XFJ which all the banks are part of. Please find the make up of this sector at ASX website if you wish. Rather than looking at an individual bank chart, I thought XFJ may be the best representation of the financials sector.
This sector IMO holds the key to what our broader market does/may do, in the weeks months ahead.
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