The risk is upside. Typically, the c-leg will be similar in price movement to the a-leg. The uncertainty of the ALSI Top40 remains absent on the ALSI Swix. Other markets are generally uncertain about the apparently increasing fear of global recession or worse. The recent conflicting central bank actions are seen as causing a loss of the unsustainable market levitation and a wave of fear that the concept of painless return to normalcy is fallacious and that any out-of-step situation can bring a loss of control. The majority of markets are with sustained sideways movements that reveal ongoing reluctance to drink the Kool-Aid.
Draghi leaves an amazing legacy of jaw-dropping disbelief. Japan struggles in polluted waters. China slows because such high growth is unsustainable.
The bulls have scant to feed upon other than what the dry wind blows at them.
It appears that the best that is now achievable is to somehow maintain the sideways.
From 17th Oct:
The JSE ALSI Swix index (JN43) is reviewed using the hourly chart below.
The 5th leg of the Intermediate (A) wave of the Primary [C] wave of the bear trend is set to resume with the completion of the Minute [b] wave at the 0.618 retrace ratio of the Minute [a] wave. Viz:
Note that (b) enters (a) thereby negating any impulsive assumption.
LINK: Previous ALSI Swix charts
No comments:
Post a Comment