Charting is really in the eyes of beholder, there is no fix rule to say how the price must comform to our opinions/preferences.
1. i will start the charting with a channel where the past 3 years of price movement being localizing around the MEDIAN line of the channel.
This charting is so macro that whatever event in the past and future have been factored in
I foresee (in my own humble opinion) that in next 6-12 months, ASX 200 index will be able to break above the resistance of around 7645 to propel higher in the upper section of the channel resistance
Next immediate target in 2-4 years will be around 8845.
*and i have to factored in the potential flash crash to wash up the weak bull in short term before it springs back up
Next Chart will show another way of drawing my channel
1. i will start the charting with a channel where the past 3 years of price movement being localizing around the MEDIAN line of the channel.
This charting is so macro that whatever event in the past and future have been factored in
I foresee (in my own humble opinion) that in next 6-12 months, ASX 200 index will be able to break above the resistance of around 7645 to propel higher in the upper section of the channel resistance
Next immediate target in 2-4 years will be around 8845.
*and i have to factored in the potential flash crash to wash up the weak bull in short term before it springs back up
Next Chart will show another way of drawing my channel
ASX index will still move up, but the resistance now will be the median line