Australia gets Interesting

I spend the day looking for interesting charts. Now it might appears as if I am looking for bearish markets, but things have gone on for long than expected and its hard to not spot something that could become the next risk factor. So Australia just completed an expanding triangle and I have been watching for it to confirm that I am not imagining another top. But this market has seen a steep sell off recently. Breaking the line would mean another 5-6% shave off.

 

But where it gets really interesting is that on a larger time frame the monthly momentum has been falling and an ending structure close to 66% retracement has been developing for months. This market has the potential to develop a significant correction if not a major trend reversal.