| Weekly Trend: | Down | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Down |
A big bounce today after a positive US lead and a ‘hold’ stance by the RBA which took the market by surprise. We noted last night in the ASX-200 (XJO) review that price had dropped to a significant support level at 4500. If anything were in place to stop the immediate rot it was that support and its done a good job. However, the trend doesn’t change in a single day. We have been expecting a counter trend rally to start setting up A-B-C and Head & Shoulders patterns and it should be this bounce that does that nicely. It may mean defending and resetting some current short positions but bigger picture patterns should exert themselves in a week or two after this bounce.
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