This is the first time I am talking about Australian S&P/ TSX Composite Index. Long-term chart says that it is forming a big H&S pattern and coming future is going to say whether it is going to trigger or not.
NOTE: Please see the disclaimer of this blog.
Now I am not sure about the H&S pattern but it is forming medium-term bearish pattern. It looks to me that this week it has already triggered this bearish pattern and it can drop more. If this bearish pattern works out then S&P/ TSX Composite Index can go below 10500.
But for coming week, I have a feeling that we may see a reversal may be around 11500 level and technical indicators are supporting that. But even we get the short-term reversal it is due to drop more on its medium term bearish figure and that is in spite of being in over-sold zone.