ASX Primary & Weekly Cycles
When we look at previous Bear Market sell offs, it can often go looking for the 100% of the range, which is 5012.
Once it reaches that point, it doesn't go much lower, in the current year.
5012 is Support for 2020, but it's not a BUY & HOLD level, that will come in 2021 (previous Report)
Australian Stock Market down into 5012 and support back into the 2020 lows @ 5883
Has all the bad news been factored in the market in the Short-term?
There's 3 potential price actions that may happen.
A. - remains below the 2020 lows & in between 5021
with resistance next week around these 2 levels 5868 & the March lows @ 5980
B. More short covering from 5525 up to 6120 - resistance
C: A lot of Short covering into the 2020 50% level over the next few week @ 6355 - a lot of resistance for more weakness into 2021
They are predicting it's going to get worse over the next 4 weeks with a Peak around MAY June, therefore there is expected weakness into 2021 for long terms buys.
In the Short-term I would think a bit of A, but I won't be surprise is there is B!
