ASX 200 is caught in a tight range between trend line support and resistance levels. The red line is drawn from the peaks of 2015 & 2016. Yesterday I presented the case that the market could be in a 3rd wave down at multiple degrees of trend. Nearby trend line support must be broken in coming days to confirm that possibility, pending that we must respect the market's potential to go higher.
NASDAQ 100 closed the week at trend line support. I have been expecting the NASDAQ to lead the US blue chip indexes lower, and while the techs have indeed declined, the blue chips continue to grind higher.... this calls in to question the NASDAQ's further short term downside potential. A break of either Friday's high or low may be all we need to signal a strong move in either direction.
Gold's decline halted at a confluence of trend line supports and the 61.8 Fib. Time for a rally?
AUD/NZD is at short term trend line support. There's still a chance for a 3rd wave higher next.