Last night I expressed reservations about the apparent breakout in the market on Monday.Since then the American market has closed decisively higher.
Australia today staged a remarkable reversal. The intra-day drop was about one per cent.
So, we're back within the trading range. 4650/4710.
The current candle pattern is a bit more decisive than anything we've seen in the past ten days or so.
We're probably looking at a bit more downside - but the bears won't be happy until 4650 is broken decisively to the down side.
Cheers
Red
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