World in a Diamond

ACWX (world, ex-US) sports a Diamond pattern in the making. People incorrectly (IMO) label this as a reversal pattern when actually in my experience a Diamond tends to be a pause to consolidate prior to either a reversal or a continuation of the previous trend. So that is all it is, a decision point about further rally potential.

Given the waning momentum indicators (it’s similar in US markets), I’m guessing the eventuality may be down. But that would not become the dominant technical view unless/until the price loses the SMA 50.


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