At my past writings, I was thinking about a probable short-term bullish pattern but S&P/ASX is not showing anything clearly on that matter. I am not negating that option, now I am not so much confident on that but if that pattern works out then S&P/ASX may test around 4630 ranges in coming days.
After getting support in around 4500 ranges I was expecting better moves in later days, since it did not happen in this week so in coming week I will keep that option. But as I said earlier that most of the things depend upon testing around 4580 levels which is its previous high so unless it breaks that range convincingly, I am not so bullish about it.
Last week I was mentioning about middle-term bearish option, if in coming week it fails to cross upside resistance then there is a chance that it may complete that bearish pattern. But here S&P/ASX may face one limitation which is breaking around 4350 levels which it fails to break in last few months. So if S&P/ASX falls in coming week then it has two options, either S&P/ASX may reverse its position in the upside from around 4450 support base or from around 4350 support base. In either case S&P/ASX may crate a better future bullish pattern but if it breaks around 4350 then S&P/ASX will give more strength to the bearish pattern.
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