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S&P/ASX 200 forecast for coming week ended 13th July, 2012.

Finally S&P/ASX 200 goes to its 38.2% retracement level but still it is not showing any specific trend. During last few months its moves reflect that it is following a reverse symmetrical triangle but I will not be surprise if it ends that in coming week by testing level above 4200.
Last week I was unable to look on this index but as I am seeing now it looks to me that S&P/ASX makes a short-term positive pattern which can take it around 4300 level. But I will not be surprise if it re-tests levels around 4100 again in early days of the coming week. Since it is in over-bought zone so if it drops more then I will be emphasizing on reverse symmetrical triangle than that positive pattern, in fact in the downside it has an option of creating a short-term bearish pattern.


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