Unlike the Dow Jones it appears that the ASX has seen the end of Wave D.
We are dealing with an ending diagonal Wave E.
We have already seen Wave i and it appears Wave ii is almost complete.
Resistance is 6775 so this would be a good stop level.
I am shorting this from the highs until I see a completed Wave iii Zig-Zag to the downside.
Please LIKE and ...
I thought I would try something new this time.
After analyzing this chart, I was able to identify an upside down flag that will eventually become a short trend.
There's potential to make some pips on the uptrend before it reverses:
Stop Loss - 6152
Take Profit - 6223
Once the target has been hit you should get ready to trade a short.
Australian Stock Market is closed for the weekend.
We have a potential c-d leg of a Gartley pattern that could happen next week.
If it reaches the D Leg at around 5811 to 5817 and holds, or show signs of reversal. It is also in an extreme zone where the price will also be in the range of the highest High on the Daily...
RESISTANCE AREA AT 5674 SHOULD PUSH BACK PRICE FROM THAT LEVEL.
THERE ARE A NUMBER OF PLACES ON THE CART WHERE PRICE WAS RESISTANCE AND BECAME SUPPORT AFTER THAT.
PLACE A SELL LIMIT AT 5674.
STOP LOSS IS 5803.