The S&P/ASX 200 index (also known as the XJO) is the main benchmark for the Australian equity market (replacing the venerable All Ords as the industry standard). The index is made up of 200 of the top stocks, which boast a total value of around $1.1 billion (end of March 2010).
Price reached resistance on the weekly and daily timeframe + overbought + fundamental conditions are in favour of downside (US 10y yields, geopolitics, etc). These are all the reasons why I am short on this one
The B wave of the this unfolding zig zag looks complete.
A bullish engulfing candle on the hourly chart is a confirming signal that the 5 wave C wave is complete.
This next move up should be a nice trade.
Hello guys hope y'all are doing good. I posted this chart a very long time ago when this was in the middle of the correction and now it almost looks like that the correction will be end soon. Current;y its in a weekly big corrective structure so one more down is possible before the next upside. So this will be a nice sell setup. Wait for a breakout and a proper ...
A technician will tell me if these are genuine cup and handle patterns but with all the talk out there of tops and over stretched markets there might still be reasons to be super bullish in some markets. Of course. plenty of technical patterns fail miserably.....
Now, the Australian stock index is down on Monday, reminding me that the pattern may be formed. Now I will give you an analysis of how to look at this pattern and how to trade with it.
The butterfly has X A B and C D five points, enter the trade when these five points meet the fio ratio.The essence is form pattern recognition. Butterfly's B requires a ...
With some indices breaking out to new highs in regular fashion, I am left wondering if the AUS200 will join the party on a break of the 2 year descending resistance hovering above. If it does, there is no visible resistance until the 2007 top at 6.581
In what looks to be like the finishing move in this market its Bull VS Bear "Finish Him" announces the chartist.
Once this move is over this should signal the end of the corrective period since 2007 in what would of been a 10 year bear market.
Minimum downside expectation is 4800 with a stop at 5800.
Good luck and safe trading.
We've been waiting very patiently for this trade, almost 3 months. We need to confirm it's the breakout via pullback! simply wait for it & close below 10ema or place an order below the most recent low!
