Monthly chart for the ASX (Australian market)
Green ovals show the clear bull rejections along the major trendline which has been recently tested and is breaking out to the upside
I have labelled the chart patterns - I am unsure however if the 'Symmetrical triangles' are really that or Rising Wedges, so take that with a grain of salt
On a 2 hour chart, AMPOL is moving in 5 wave pattern, with Wave 3 completed as displayed on the chart.
From here it should drop to 26.06 where it will meet daily support, before bouncing up to 31-32 zone.
Expect a major drop once it reaches point 5. I will create new analysis once it is close to wave 5.
If you like my analysis then do drop a LIKE and a...
Idea for ASX
Multiple ascending scallops
using fibonacci spiral for a support which is also a .236 retracement from the top formed
I've made a few ASX ideas lately but i'm Australian so i feel it suits.
This is a very long term chart!
We are in uncharted territory now.
Never before have we broken below the Monthly 200 Moving Average.
Yellow is my current target for some stability. But unlikely to hold.
Orange are the next likely targets if we fail to hold around the 4050+/- range
Red and below, as scary as they are. Would be the greatest investing opportunity of our generation.
