ASX needs help

The market has slipped nearly 13% from its peak in Aug 19. Chart shows several times that the price action has displayed fake breakouts.Now, we see a pin bar outside the bearish trend line. It is likely to fall back into the bearish trend line next week and may even goes further south to the direction indicated.

Alternatively, it could gain some support at 79.15 level and rebound and continue to bring cheers to the buyers. We will be monitoring the price action first.

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If you study the chart closely, ASX is displaying a pretty boring pattern since Sept last year. It has been ranging between 83 to 77.86 level without any breakthrough yet.

The last breakout from the bearish trend line looks promising looking at the price pattern and next week , we might see some HH price action. Let's see