XMD 1.17% 10,423 s&p/asx midcap 50

Thanks Maxi for taking a look at this. If I can make a few...

  1. 1,751 Posts.
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    Thanks Maxi for taking a look at this. If I can make a few comments in reply

    Re your first comment noting the double bottom and with the peak between the lows being greater than a 50% retracement as a possible bullish sign. I have a few rules around double bottoms. One being that they only form at the bottom of the chart, i.e. after a long bearish trend down. Double tops form at the top of the chart. But I don't accept that double bottoms form at the top of the chart, after such as long run up, and so I therefore don't believe this can be treated as a valid double bottom. Just my perspective.

    Your middle few lines of comment I think compares a line down through 2132 and 2102 and this intersects the horizontal line through the top of your "double bottom". But I couldn't quite pick up the inference you were drawing from this.

    Your reference to the fib retracement of the last range is interesting. I hadn't noticed that. There is a horizontal support line across at 2022. This is also the 38.2% retrace of that last range. Last week's weekly bar closed right on it. That could have been a short term support point but I expect with the events of the weekend we'll punch right through that now.

    Harmonics yes. 9 is a fascinating number.

    regards.
 
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