This seems to be a possible future scenario at this point - given recent USD strength, a correcting NZX, and downward pressure on commodities. I would say this is 97% technical analysis with a tiny bit of fundamental analysis sprinkled in for colour.
The last ending triangle at the bottom trendline broke upwards with conviction, I would expect this to do the same. It may reach the upper TL - if it falls short this would be a telling signal. Then possibly form another ABC that ends up breaking the lower TL.
No specifics or targets in this analysis. I am publishing it to see how closely reality tracks the analysis that I did over about 10 minutes.
Summary; short term long (if the triangle breaks upwards) and medium term short.
The last ending triangle at the bottom trendline broke upwards with conviction, I would expect this to do the same. It may reach the upper TL - if it falls short this would be a telling signal. Then possibly form another ABC that ends up breaking the lower TL.
No specifics or targets in this analysis. I am publishing it to see how closely reality tracks the analysis that I did over about 10 minutes.
Summary; short term long (if the triangle breaks upwards) and medium term short.
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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.
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.