Excluding REIT’s, this is the long term chart stance of the ASX 200 financials. Violation of the demand line of the up trending channel, what does this mean ?
Short Term : Bias is to the downside in this time frame.
Intermediate Term : Correcting still which we have known for a FAIR while and potential test of the C target of an ABC correction as shown.
Long Term : Still a BULL. Key level to watch on the downside is the 2016 low on any retest if on hand. This level is a must hold level going forward.
Another scenario may be : To see an upward short term reversal from current levels , which may also occur over the months ahead to negate the demand line break. Should this be the case, it would turn the short term bias in the direction of it’s major trend. What I mean by this is that, the ripple and the tide are back in sync with the exception of the wave. Members/friends should know what I mean by this upward reversal (Monthly Bullish Pivot or alike).
Why bother with a monthly one may ask ? Medium long term trends may be the cream of the crop in my opinion.
I ask myself, what are the SMART MONEY MOTIVES at current levels and how can I possibly track them ?
FREE chart is courtesy of tradingview.com
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