Wednesday, 29 August 2012

ASX 200 clinging to trend line for dear life, or is it?

After last week's false break upwards from the bearish wedge pattern, the ASX 200 has broken below the wedge, and is currently defying gravity, clinging to the trend line for dear life. This market needs to fall hard soon, or the pattern is morphing in to something less immediately bearish, and possibly not bearish at all. Chart includes after hours trade.