17/10/22. ASX falls heavily today.
XJO was down -1.4% today after heavy falls on the U.S. market on Friday.
Above is a Heiken-Ashi Chart. The past two days which have been very volatile show up on the H-A chart as indecisive candles. Tomorrow should provide some certainty about direction.
Despite today's negative result, I remain positive about the ongoing fortunes for the XJO. The 10-Day MA remains above the 20-Day MA.
The Index has bounced off the 50% retracement level of the previous up-trend.
The chart remains in a descending broadening wedge, which is bullish. It wouldn't take much from here to break above the restraining oblique line. A break above that would be very bullish.
In overseas trade tonight, European stocks are rallying. If that continues, we should have a good day tomorrow.
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