After a massive decline from 90+ we now find us in the 4th or 5th wave consolidation
I believe and so does the RBA that we have more downward movement yet to come
Regardless we have a nice Rising wedge/ Ending Diag forming
I see 2 entrys if we retouch the top of the trend I will short with a tight SL as it will tell me we will break the other way
Or wait for it to break under the trendline (lower risk) as with ending diags/rising wedges ..expect a retrace to the origin for a good 90 point move
I believe and so does the RBA that we have more downward movement yet to come
Regardless we have a nice Rising wedge/ Ending Diag forming
I see 2 entrys if we retouch the top of the trend I will short with a tight SL as it will tell me we will break the other way
Or wait for it to break under the trendline (lower risk) as with ending diags/rising wedges ..expect a retrace to the origin for a good 90 point move
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.