ASX 200 for 7th July 2019
The rise and rise of Aussie market seems to be unstoppable since federal elections. Let’s look at the daily chart and see where we might get a high.
The market looks very bullish with only two groups of consolidations in June, both of them at very high levels with little retrenchments. There could be some signs of a top at since last break out at 6685-6691 with top so far at 4769. The reasons are:
- We have five waves in place since Dec 2018.
- The unsustainable angle of more than 45 of the last trend line.
- A bearish wedge (triangle) IF broken down.