I can see a lot of things happening here, a very interesting chart indeed. I am expecting a break of this mini head and shoulder pattern shortly which should spark huge selling in Wave 3.
After falls in the index in the last quarter of 2018, we have see a rally back into the sell zone(87.5% fib). My target would be around the 5000 handle, which is nearthe 75% fib level on the monthly chart . This area is where the bulls should turn up, as the index is in a very strong bullish trend on the monthly chart.
Looking at the ASX on the monthly chart Seems like a never ending 10 year bull market *Years calculated since last retrace in 2008 to current 2019 is 11 years. We are coming to the end of another 10 year market cycle (or GFC) *I've added an AB=CD (in blue) to price to project where D will end. I've also cloned price for a better visual. *Target objective is...
ASX is approaching our first support at 5807 (61.8% fibonacci extension, 23.6% fibonacci retracement, horizontal pullback support) and a strong bounce might occur below this level pushing price up to our major resistance at 5928(61.8% fibonacci retracement, horizontal swing high resistance). Stochastic (89,5,3) is also approaching support and we might see a...
ASX is approaching our first resistance at 5927.6 (horizontal swing high resistance, 50% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 5694.0 (horizontal pullback support, 61.8% Fibonacci extension, 50% Fibonacci retracement. Stochastic (89,5,3) is also approaching resistance where we might...
ASX is approaching our first resistance at 5838 (100% fibonacci extension, 78.6% fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 5601 (50% fibonacci retracement, 61.8% fibonacci extension). Stochastic (34,5,3) is also approaching resistance and we might see a corresponding drop in price should it...
ASX is approaching our first resistance at 5790.8 (horizontal swing high resistance, 23.6% fiboancci retracment, 100% fibonacci extension) where a strong drop might occur pushing price down to our first support at 5655.3 (38.2% fiboancci retracement, horizontal overlap support). Stochastic (89,5,3) is also approaching resistance where we might see a corresopnding...
ASX is approaching our first resistance at 5788 (100% fibonacci extension , 50% fibonacci retracement , horizontal swing high resistance) and a strong drop might occur below this level pushing price down to our major support at 5389 (100% fibonacci extension , 76.4% fibonacci retracement , horizontal swing low support). Stochastic (89,5,3) is also approaching...
ASX is approaching our first resistance at 5788 (50% fibonacci retracement, 100% fibonacci extension, horizontal swing high resistance) and a strong drop might occur below this level pushing price down to our major support at 5389 (100% fibonacci extension, 76.4% fibonacci retracement, horizontal swing low support). Stochastic (89, 5, 3) is also approaching...
ASX is approaching our first support at 5314 (100% fibonacci extension, 78.6% fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 5695 (100% fibonacci extension, 38.2% fibonacci retracement, horizontal swing high resistance). Stochastic (89,5,3) is also approaching support and we might see a...
ASX is approaching our first support at 5516 (50% fibonacci retracement, 61.8% fibonacci extension, horizontal swing low support) and a strong bounce might occur above this level pushing price up to our major resistance at 5950 (100% Fibonacci extension , 50% fibonacci retracement, Horizontal overlap resistance). Stochastic (89,5,3) is also approaching support...
ASX is approaching our first support level at 5516 (61.8% fibonacci extension, 50% fibonacci retracement, Horizontal swing low support) where a strong bounce might occur above this level pushing price up to our major resistance at 5950 (100% Fibonacci extension, 50% fibonacci retracement, Horizontal overlap resistance ). Stochastic (89,5,3) is also approaching...
ASX is approaching our first support at 5520 (61.8% fibonacci extension, 50% fibonacci retracement, Horizontal swing low support) and a strong bounce might occur above this level pushing price up to our major resistance at 5950 (100% Fibonacci extension, 50% fibonacci retracement, Horizontal overlap resistance). Stochastic (89,5,3) is also approaching support and...
Long term idea. Twitter - @davemcilwraith1
ASX is approaching our first support at 5546 (61.8% fibonacci extension , 50% fibonacci retracement , Horizontal swing low support) and a strong bounce might occur above this level pushing price up to our major resistance at 5950 (100% Fibonacci extension , 50% fibonacci retracement , Horizontal overlap resistance). Stochastic (89,5,3) is also approaching support...
ASX is approaching our first support level at 5550 (61.8% fibonacci extension, 50% fibonacci retracement, Horizontal swing low support) where a strong bounce might occur above this level pushing price up to our major resistance at 5960 (61.8% Fibonacci extension, 50% Fibonacci retracement, Horizontal overlap resistance). Stochastic (89,5,3) is also approaching...