The ASX200 is coming under some pressure after the US data release shows inflation is stronger than expected and dragged in the eager bears.
Price recently made back a lot of the losses from the selloff into 6836 and pushed back above 7150. Bulls will be desperately trying to hold price above 7150 otherwise they may have a problem on their hands (or hooves). If I see price push below the level and consolidate, then I will be looking for a sell setup for a move to new lows.
If the shoulder entry becomes confirmed off the recent double top, then this action could get nasty quickly. On the flip side, if price can fend off a move back below 7150, then everything is rosy again….for a while.
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