| Weekly Trend: | Down | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Down |
Damage inflicted on the ASX came from two sources today; namely yesterdays weakness in the Chinese markets and today via the stronger than expected inflation data with rumour that the RBA will yet again raise rates. The currency firmed on back of this speculation but I’m wondering if the RBA has a little bit of heart and takes into account the current nervousness and wobbles in global stock markets. It would be a shame if they go a little too gung-ho and really place stress back on the economy. I sent out an alert late today on the three specific patterns we should be looking at in the coming weeks. The immediate environment is tricky as the downward trend has not yet been fully established so be a little cautious about be aggressive on the short side at the moment.
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