The wipeout in the banking and financial sectors has only just started.
For several months I have been detailing that the shares in these sectors all had rising wedges, triangular and dangerous flag patterns.
These major bearish formations were obvious to any competent technical analyst.
The current problem is that the downside breakouts from these patterns are in place BUT there ae NO signs of any oscillators buy signals on the weekly data.
This implies that there is at least another couple of months downside still to come. In fact I am looking for a 30% wipeout in the values of the bank and financial share prices.
Conversely all the gold shares have given both long term and short term buy signals and I look for some serious upside progress going to mid year.
The Rand is oversold in the short term BUT the long term data is still decidedly negative.