I am looking at the 6100 as the resistance and also the ending of the corrective rally Wave (v of (c) of b) and of course a move lower through 6080 (SG2 trading levels) would help confirm this and also play out as the trigger for a short trade.
If the market moves lower, then the 6050 is the support which is the 61.8% retracement level. It doesn't mean the market will turn there, but will display a bounce of support. On the long side we will only turn long if the 6100 becomes the tested support and this will take two sessions.
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Extending his passion overseas, Peter travelled to Britain where he studied both the UK and US markets. When Peter returned to Australia, he updated his qualifications and went on to write and deliver advanced trading workshops for global leaders in foreign exchange and derivative trading, including CMC Markets, City Index, Invast and others. As a well-seasoned trader, with an aptitude for investor education, Peter obtained the necessary licences to establish TradingLounge and offer education and trading support to traders and investors.
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