TASI Technical OverviewPosted on Tuesday, October 31 2017 at 5:42 am GMT+0000
Although the weekly charts continue to reveal a strong Bullish trend, the current correction is approaching the previous weekly bottom. Hence long term traders continue to remain neutral while waiting for that correction to end near a strong demand area before attempting to acquire any new positions. However the medium term continues strongly Bearish despite the recent reaction coming from 6820, at current time, only a sustained rise above 7040 will shift the bias to Bullish and allow for medium term positions. While a drop back below 6820 will increase odds for a retest of the 6710 March low, below which all immediate Bullish scenarios will be postponed.