In the upside, around 4150 level (4162 is its 38.2% retracement level) has acted as a good resistance for S&P/ASX and now it has less chance to act on (which was looking like) very short-term bullish pattern which I was talking in last week. In coming days if it again gets the support of 4050 then the chance of breaking crucial 4150 level will be stronger.
On the other side if it drops from 4050 level then it may create a reverse symmetrical triangle and for that it may also test 3985 range and thereby it may be making a bearish trend. In fact in the downside S&P/ASX 200 has many options so I am not getting a clear picture yet.
If S&P/ASX maintains this 4050–4150 level then it has a chance to move in an upside channel. It is difficult to conclude about coming days but I want to give emphasis on breaking of 4150 in the upside and 4050 in the downside.
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