ASX200 - Breakout! Target 10800
After the v-shaped recovery from the COVID-19 pandemic, we have seen a rally to the 7650 handle, where the market went sideways for the later 100-plus weeks. The accumulation stage is about to end as the 7650 resistance price was finally broken.
The RSI is above 4o and moving above 60, which indicates bull market conditions.
The composite index has shown a bullish divergence with price, also found in RSI.
The Gann time count of 144 weeks from the prior high, is almost complete and should align will the Gann boxes count of 1 complete Octave.
Furthermore, the 144-week bullish wedge formation forming in the chart.
A calculation of a possible target is 10,000 points, using Fibonacci extensions, but more likely 10800 using Gann box techniques.
The RSI is above 4o and moving above 60, which indicates bull market conditions.
The composite index has shown a bullish divergence with price, also found in RSI.
The Gann time count of 144 weeks from the prior high, is almost complete and should align will the Gann boxes count of 1 complete Octave.
Furthermore, the 144-week bullish wedge formation forming in the chart.
A calculation of a possible target is 10,000 points, using Fibonacci extensions, but more likely 10800 using Gann box techniques.
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