Most major markets have been breaking All-Time-Highs.
Momentum is still strongly bullish.
Currently in a Bullish Outbreak, occurring after two same-sized retracements (represented by congruent grey rectangles).
No indication of reversal, expecting price to continue hitting new highs.
Preparing for Long positions after appropriate candlestick close.
Keep an...
ASX200 - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.
The hourly chart...
With holiday comes low volatility. I expect market to stay within 7080-7158. Very likely till first week of January.
This might play out two ways:
1. Bullish scenario:
- we break above 7158, and hit 7250. (Max 7400 to form double top on daily chart and then drop to 6500 or even new lows)
- looking into Elliott Waves strategy - we could face one more wave to the...
After breaking the weekly structure downward, AUD 200 has been in upward correction phase for a couple days while forming bearish Flag on 4hr TF. We can see downtrend continuation once it has retested the previous demand zone now turned supply zone as well as completing its 50% correction which also lies in that area. I will be looking for a Short Entry near the...
AU200 has just completed a 5 count reversal on the daily.
Market has just taken out all new stops in June/July.
This is an indication to go Long
First target would be in the top third of the box
Thank you
Descending scallop is a pattern that can be traded long or short.
The price comes down forming a elongated rounded bottom then has a throwback. The high before the throwback (small dump) is the breakout level upwards.
The lowest point of the rounded bottom is the breakout level downwards.
So first we need to wait and see if there is a throwback - unless we...
In my previous analysis on AUD 200, we met our First Take Profit levels
Our first TP level was coinciding with key Fib levels and as expected, we are finding selling pressure there.
So I decided to go down to 4 hours charts, and to see if there is any cue there to see the expected direction.
Following observation,
1. I drew a trend line on the RSI and a...
The price collapsed around 7%. That is quite a significant drop. So, we are expecting the price to bounce back (dead cat bounce) around 50% or 61.8% retracement.
