| Weekly Trend: | Up |
|
| Daily Trend: | Up |
|
| Daily Momentum: | ___ | Up |
The market has formed a ‘rising wedge’ pattern which is a bearish formation should the lower boundary be penetrated. We’ve been saying for sometime now that the market is (a) overextended, (b) nearing a resistance point, and (c) readying for the next leg lower. The formation of this wedge pattern, albeit yet to be confirmed, continues to suggest to us that risks are to the downside right here and a swift reversal in the coming days through 4500 would be enough to confrim that a renewed move lower is underway.
Facebook comments: