Charts not showing much conviction.
..but just look at those INDICATORS..!!
jULY 9th PUTS in today! potential 30K from $2850.
Expecting BIG plunge before Expiry.
Also BUYERS MARKET 4 Equities. YAY!
xCM
XAO just reached 0.618 retracement of primary wave 1 down and completed the counting of five waves for the completion of intermediate wave C. For higher confirmation a move below 5,600 would almost eliminate the contrary odds. The next move should be in direction to levels below 4,500. If prices continue to rise a next target would be 6687, before the trend turns...
XAO is tracing minute wave v, which is the last leg that will complete intermediate wave C and also primary wave 2. The most probable target for the end of this move is at 6,202. After this price should decline during primary wave 3 down to new lows. If price crosses down 5,700, the odds are that primary wave 3 has already started. FOLLOW SKYLINEPRO TO GET UPDATES.
Quick update on XAO and the broader Aussie market.
It seems that insanity is the path of least resistance and the major index is set to target the 61.8% fib level, around the 6,200 level.
This measured move higher from the bull flag would als coincide with the 61.8% fib level.
The combined 'big 4 banks' are also signaling that a potential move higher is on...
America situation and Hongkong situation make people worry reactively. Money come to a relatively safe place Australia, Will people invest those money into stock market?
Anyway, the market need a rest for some kind.
Minor wave C counter trend rally is under early stages of developing, after its formation odds increase after the cross up of the minor A level. The most probable target before the trend turns down again is the range between 6027 and 6322. FOLLOW SKYLINEPRO TO GET UPDATES.
Considering a scenario for the Aussie index to move in a possible Cypher pattern as on graph.
As such
1. Awaiting signs of a correction back to the downside from 6200 to 5100.
2. Then a further move up to a new all time high in 2021 breaking the 8000 level.
I know it's a simple idea, and in 2020 the pattern has printed faster than it did in 2008-2009, but my gut is telling me history will repeat...
I'm not going long untill June or July. This will be when the market forward prices the September 2020 end to the temporary Jobkeeper scheme and the Jobseeker payments reverts back from $1100 fortnightly to $550 per f/n.
I'm still learning, so any feedback on my analysis welcome. Still waiting for some indicators to confirm a potential drop.
Personally I think XAO we will have a repeat of late 2008 -2009 (the GFC).
