by xmart Mon Aug 01, 2016 10:22 pm
hi all, its 1st of Aug and lets look at the chart
![Trading Journal Captur12](https://i.servimg.com/u/f35/16/37/43/90/captur12.png)
the good news is ASI breaks the short term resistance trendline and ranging between 6380-6420. looking at the volume this is a healthy consolidation to the next level. the next resistance level would be near term high 6680-6700. which is 50% fib of the great fall. therefore, this resistance would be hard to break.
anyway, if ASI to stay in positive territory it should break the rectangle and move up. there are few options at that stage
option 1: follow by the rectangular consolidation (which is a reliable continuation pattern) ASI should go up. 6500 would be a challenge but there should not be much resistance. (ref date by 20/8/2016)
option 2: if PM gave a shock with his policy decisions market will react negatively and break the rectangle down, but panic selling would find buyers around 6350-6380 and start the journey to test 6680 level. (ref date by 27/8/2016)
option 3: PM gave a big shot with unexpected capital gain, unfavorable economic policy, another world turmoil would bring ASI to 6250. which is unlikely but cannot rued out.
therefore, shall we expect something exciting around end of august?
good luck
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