It is possible that we have a Bullish Butterfly Harmonic Pattern forming and on confirmation, a SHORT setup can be triggered. My elliott wave count also lends credibility to this idea as it seems we are approaching the end of a Wave Y corrective structure. MACD however suggests downwards move as well as RSI as having already completed overbought status. However Stochastic does show approaching overbought status (not there yet). In my opinion, I will wait for the price action to reach the Entry Zone of the Harmonic Pattern confirmation before I take a Short on this for TP#1. TP#2 however, if reached, may invalidate my wave count and change structure unless a significant news event occurs as a spike. I'll be watching this particular price action very carefully before keeping open the position to TP#2.
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Hello Pietro,
I also see an ascending triangle XABC and spot. THE ASX200 closed Friday at 5799 and ASX Futures (CMth) are at a 30 pt discount.
If we do get a break out above 5800 then the pattern suggests 6000 (a previous high[s]) which may be a more valid shorting position.
The ASX is lifted by either financials or metals. Everything else is on the tide.
In the near term, metals appear to be softening, AUDUSD appears stronger, and Financials depend upon the S&P.
On US weakness, we may see our market retest your uptrend line circa 5760 before pushing higher and my preferred indicators are suggesting toppishness, but not a Top ... yet
... just my 2c worth and good trading with your view
I also see an ascending triangle XABC and spot. THE ASX200 closed Friday at 5799 and ASX Futures (CMth) are at a 30 pt discount.
If we do get a break out above 5800 then the pattern suggests 6000 (a previous high[s]) which may be a more valid shorting position.
The ASX is lifted by either financials or metals. Everything else is on the tide.
In the near term, metals appear to be softening, AUDUSD appears stronger, and Financials depend upon the S&P.
On US weakness, we may see our market retest your uptrend line circa 5760 before pushing higher and my preferred indicators are suggesting toppishness, but not a Top ... yet
... just my 2c worth and good trading with your view