Caution on ASX breakout retrace; bounce is soft/muted due to high price level and lack of momentum, though potential upside exists.

Uh next up uh ASX. Now we got another breakout retrace play here with ASX. I caution you a little bit more with this one as I rewind the time on this chart. Look where we are on the chart now.

Yes, we could be moving higher on ASX, but we're already up here.

Notice the difference when we're looking at circles chart with this breakout retrace. We have a lot of room to run and make some good money. Now, if we're wrong, we don't have that much room to go lower unless we're talking about brand new uh lows on the chart of circle.

All right, so that's where ASX and I want to caution you for any of you finding these breakout retrace plays on your own charts. They do work. As we see here, we broke out, confirmed, retraced, but look at that bounce.

It's been somewhat soft, muted, and not really fast, right? Well, of course, with the backdrop of everything going on with the FOMC, that kind of makes sense, but you want to see these bounces hit that trend line and then jump like a springboard, like a diver would, and get a good bounce right there off of that trend line. We're not getting it.

You could have still bank profits about four or 5% had you bought this and recognized this and closed it today. However, um it is just sticky, not really getting out there. My thought for this is that the reason being is that we're already so high up on the charts and it's just not getting that investor uh momentum to follow through with this breakout at least for the time being.