US Markets are still letting off steam .... 4 Years Growth Wiped ?

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Derek  29 Oct 2018

Good Morning,

The US indices are still letting off steam. Divergence is in place for a turn, but FrontRunner has not broken up yet to confirm it. All 3 indices looks the same, I show the DOW.

All the world indices looks similar to the US. The DAX also has divergence in place and FrontRunner looks exactly the same as the DOW. I marked the 3 stage correction in the shape of the top right quarter of an ellipse as described on Friday.

This morning the ASX in Australia moved positively after it made a doji on Friday. Notice the divergence that is in place.

Apple is one of the few technology shares that did not correct as viciously as the rest. Currently it is trying to find support and closed with a doji on my support line.

Yum Brands broke next support and is still in correction phase. I am showing this share to show that the correction started with a triple top divergence.

JSE Technical:
The JSE is also following world markets negatively. An analyst mentioned on the radio that 4 years growth has been wiped off the markets and has put funds under severe pressure. I went to check .... not true .... only 2 years growth was wiped so far on the JSE. Similarly for the HangSeng, but only 1 year's growth of the S&P500.

The STX40 looks exactly like the international indices. Divergence in place, but no trend line or EMA8 line break yet.

In the absence of anything to show, let’s have a look at Anglo. 3 Doji's in 3 days to show uncertainty. The Trend line and FrontRunner's trend line needs to be broken.

We have major divergence for a turn in place everywhere, but the bulls are not in control yet. I suspect that when the turns come, that it will be vicious as the bears try to close their short positions. Patience .... patience ....

You must enjoy your day.
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