ASX 200 Week Starting 1st Aug 2016: End Of Bull Market is Near

Since the 6th of July the index went up and up and never looked back….

Considering the low on the 6th as the end of leg two, I’m trying to work out the end of third leg in this extremely bullish market. So I’ve drawn the two channels (see the blue lines) and a Fibonacci extension.

29_07_2016

What can we expect:

The intersection of the upper longer term channel and 0.786 Fibonacci extension could be somewhere around 5619 level by the end of this week.

In conclusion: If the index continues to go up until the end of this week then the levels around 5619 would be a double resistance.