JSE:CLS Clicks Still Waiting for the Backup Action
After breaking the reaccumulation trading range (TR) with signs of strength (SoS) we now see a smaller trading range forming which should lead to some backing up action before the markup in phase E starts. After the breakout and SoS we have had localised buying climax (BC), automatic reaction (AR) and now a secondary test (ST) of the BC completing phase A of the sampler TR that is forming. There is no demand (low volume) and I am expecting the price to stay in the TR until a spring forms which completes the backing up (BU) action to test the breakout level of the larger reaccumulation TR. For now, some patience is required for the TR to complete before going long and following the markup.
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