| Weekly Trend: | Down | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Neutral |
Another weak day and it’s looking gloomy across the board. One thing that we’re starting to see now is the creation of bearish continuation patterns meaning that the down trend is established enough to be trading with it rather than against it. As these pattern develop we’ll continue to bring them to your attention. Also to note tonight is the prevalence of Type-A bullish divergence patterns. We’ve mentioned that the major indices are building these and the ASX did so today. Two important considerations; the patterns are yet to trigger and secondly the risk/reward is not to our liking. FMG is an example of a great setup but todays bar is too wide for our liking. If we can get a tight range tomorrow or an inside bar then we’ll be in business. Remember though that the trend is firmly down and that nerves are frayed. Anything could transpire tonight.
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