Head/n/Shoulders Anybody? Thursday Evening Liqueurs. 30 July, 2015

A good post suggesting the market is beginning to improve.

redbackmarketreport

XJO up again today +0.81%.  Very nice.

Screen Shot 2015-07-30 at 8.49.40 PM

The Index is again back at a very strong resistance level.  If it can overcome that – ahead is the 100-Day MA.

Indicators are positive but not overbought.

If both those levels can be overcome, then we’ll have a clear H/n/S formation completed.

At this stage, I can’t see any reason why the formation shouldn’t be completed.  (Famous last words?)

For that to happen – we need to see the Miners starting a bull run.  That means a fall in the mighty U.S.$ so that commodity prices can rise.  hmmm?  Let’s wait and see how the chart plays out.

RB

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