The ASX 200 is getting closer to completing its bearish H&S pattern, with a broad right-shoulder developing clearly under distribution. Weekly momentum remains increasingly bearish with supports at 5630 and the psychological 5600 soon to be tested over the next few weeks. The probability of further heavy falls and a "Bear Market" ensuing over the next several weeks to several months remains high.
The MACD formed a bearish down-cross during mid-Q2 since with an expanding negative histogram. Confirmation of this bearish signal continues with further negative histogram expansion. This is a very bearish signal. The Stochastic has formed bearish lower-high's since mid-Q2 within the bullish continuation region. Since recent confirmation of overbought conditions (<80), further downside acceleration has occurred confirming this bearish signal. Expecting much further falls from here. http://bit.ly/2tM9vY4
