A good day for the market and another that stands above the all important support at 3714. Today also produced another important technical signal; a penetration of the lows June 18. Why is this important? Because the move off the June 12 highs was a clear 3-wave pattern and todays upside push has confirmed as such, and not a 5-wave. This is a confidence builder that we’re still in the midst of a congestion phase and not a deep retracement. It does not mean that the market can streak straight higher as we may continue to see some broader congestion take shape over the coming weeks. Today was a good sign though but we remain wary ahead of the June 30 financial year cut off. Some funny games can be played and whilst I don’t expect any tax loss selling this year we could still be seeing prices inflated here for window dressing. Stay cautious and keep the risk low. On the swing trading front I’m only rising a few small positions until the trend becomes more defined.
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