In the name of Allah, the Most Gracious, the Most Merciful.
AU200AUD: BEARISH MOVE IS COMING.
Market following Ascending channel pattern Plus major trend is also bearish.
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ASX200 - Intraday - We look to Sell at 6693 (stop at 6713)
The dip was bought and the rally sold resulting in the market posting little net change. An overnight positive theme in Equities has led to a higher open this morning. A bearish Head and Shoulders is forming. Trend line resistance is located at 6708. The previous swing high is located at...
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.
Possible Running Flat on AU200, I still think one more up is possible. On weekly this still has a lot of downside potential. I'll wait for a clear confirmation to keep adding. Really nice R:R opportunity
AUS200 is now testing major resistance at 6072 (Fibonacci retracement, bearish harmonic formation, horizontal swing high resistance) and a strong drop could occur at this level to push price down to 6008 support (Fibonacci retracement, horizontal swing low support). We have to watch our for intermediate support at 6034 too (Fibonacci retracement, horizontal...