JSE Financial Index: In Phase B of the Trading Range
The financial index on the JSE has remained at the low levels after the drop. After the selling climax (SC) and automatic rally (AR) which demarcates Phase A of the Wyckoff trading range, we have seen the typical low volume trading in Phase B play out. Phase B typically takes some time to develop and we may have to wait sometime into next year to see significant action to start taking place. For now, the range seems to be bound between 900 and 1200 and I am not expecting many great trading opportunities. Only some range trades on well-selected stocks seem to be in play.
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