IHSG: Resisted at 61.8% Fibonacci Retracement

After freefall about 21% from previous highest level on the beginning of this year, IHSG rebounded and almost recover the position.

But, this rebound resisted and slowed down at 61.8% fibonacci retracement level, as the market subjects still unsure about the next global market movement.

Let's take the bigger picture, recent global market movement strongly influenced by US market sentiment. There were excessive fears about US recession and its impact to the global economy.
But in technical reading, bullish reversal patterns have seen on DJIA and SP500 chart, Butterfly Pattern. According to this pattern, DJIA have possibility to rebound to 13,349 level (78.6% fibonacci retracement) which is almost precisely meet the resistance of  the downtrend channel (see attachment).
This is a critical level. If this resistance could breakthrough, then DJIA potentially make a new high.

Now, back on IHSG, Good signs have seen on indicators, such as MACD and True Strength Index. (see pictures).
Technically, IHSG still have a chance to continue the rally despite some profit taking actions would caused minor correction.

Best regards,