The ASX has historically moved in the large cyan ascending channel since the 1980's, which even held during the GFC in 2008.
This was broken to the downside in June 2015, and its final rejection of this line has led to the latest declines. During that time price has been propped up by a trendline formed from the reaction low from the GFC bottom.
Possibly a false floor created by government stimulus. This line formed the bottom trendline of an ascending wegde which has now broken down, with a target of around 4300.
Price is currently testing the EQ of the trading range that started in early 2000 and ran the whole decade. If we dont get a weekly hold of this EQ around 4900, we should target the bottom of the channel at 3450.
Will the new decade from 2021-2031 continue sideways in this trading range or will we create a new trading range for the new decade.
If we break down this trading range, this could be the dark decade of financial deleveraging that was always on the cards.
Or this could be reaccumulation, and we see a spring into a new global financial paradigm??
This was broken to the downside in June 2015, and its final rejection of this line has led to the latest declines. During that time price has been propped up by a trendline formed from the reaction low from the GFC bottom.
Possibly a false floor created by government stimulus. This line formed the bottom trendline of an ascending wegde which has now broken down, with a target of around 4300.
Price is currently testing the EQ of the trading range that started in early 2000 and ran the whole decade. If we dont get a weekly hold of this EQ around 4900, we should target the bottom of the channel at 3450.
Will the new decade from 2021-2031 continue sideways in this trading range or will we create a new trading range for the new decade.
If we break down this trading range, this could be the dark decade of financial deleveraging that was always on the cards.
Or this could be reaccumulation, and we see a spring into a new global financial paradigm??
Comment:
I failed to mention the green line which if you zoom out is a square root parabola. Price is testing this as support now, and it if breaks.... I've had little experience with these square root parabola's so need more reading/analysis to know how to interpret this. Please comment if you have any ideas.