13 Aug – Rounded Bottom
13 August 201816 Aug – Why this Bear Flag was different from yesterday’s Bear Flag
16 August 2018We had seen a few days of weak corrective action and so i was ready for the break of the bear flag formed by the corrective PA.
After hitting 12700 on Thursday (9th Aug) we saw a large reversal on Friday 10th. Since then the recovery has been weak, only reaching 38.2% retrace of Friday’s move and being rejected quickly from that level. This morning’s action saw each move up getting sold quickly and then at lunchtime it popped through the lower TL of the corrective retrace.
Mon to Tue am + 160 (max) then declines with LL
Weds lunchtime to End of day – 250 (max)
