While expectation is for the US dollar to give respite to risky assets, there is a hidden possibility that the JSE Top 40 has resumed a downtrend after an attempt of a rally from 15 July to 16 August (Bear Market Rally). 1 September would have marked a cycle low but a higher high, the breach of this price means downtrend has resumed with possible bottom in late October to first week of November with the lower trendline supporting the price.
If one is long, it would help to open short positions & close them when a swing low is formed at the end of October/beginning of November. The swing high from there would be an opportunity to open new short positions to hold into mid to end of December. An exit strategy from long positions would be to buy the swing low then exit at break-even.
If one is long, it would help to open short positions & close them when a swing low is formed at the end of October/beginning of November. The swing high from there would be an opportunity to open new short positions to hold into mid to end of December. An exit strategy from long positions would be to buy the swing low then exit at break-even.
Order cancelled
This bearish scenario was invalidated, JSE Top40 has diverged from US markets & is showing stronger moves. See new post plotting the bullish scenario to be posted 5 November 2022.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.