On the chart we can see a rising wedge formation.
The price is still moving inside the pattern. Once is breaks the support line it would be a good time to enter the short position.
Target is showing on the chart.
Wave 4 has completed with WXY pattern composed of zigzag and flat pattern.
The next wave is 5 which is just starting to form, heading to a first Target of $90.
Price continues to slide bearish, 12.92% decrease from high volume Node (P.O.C).
However, previous high volume node, VRVP of $81.48 and average closing price of $81.12 seems like the fair Value of ASX:ASX. Entering low volume node territory now and the only other times in recent memory that price entered these zones were highly volatile market conditions 1)...
ASX monthly chart with SMA 11, 13, 15. Price chart removed.
Looks like 2008 and 2020.
Sidenote Australia raised interest rates today.
Additionally, notice the double top.
It's finally looking like Silver is going to outpace the ASX. A breakdown from the clear descending wedge after a clear double top on the Weekly time frame, I am feeling very bullish. Inflation is here to stay, and fiat currencies are in trouble.
Eyes are getting drawn to the shiny stuff.
Monthly chart for the ASX (Australian market)
Green ovals show the clear bull rejections along the major trendline which has been recently tested and is breaking out to the upside
I have labelled the chart patterns - I am unsure however if the 'Symmetrical triangles' are really that or Rising Wedges, so take that with a grain of salt
According to The Australian Bureau of Statistics' data, there are two scenarios for the stock of ASX Limited's trend. The first scenario is more recommended than the second one, which depends on the negative news about the change in the employment rate, and it is more likely to make the stock fall to break the first support line 84.22 and reach the second support...
An idea for ASX
if price continues in the fashion it has shown
ASX is the Australian market
I am not currently in any positions on ASX
This is a monthly timeframe, timestamp!
Price has broken down from this curved structure
Although it is still within a larger channel
I feel this channel wont hold and a further breakdown will ensue
We will see
It looks the ASX is going to close the month below the neckline, Gold prices looking strong with equity's looking weak. Just my opinion but another feather in the cap of GOLD/SILVER. I am being very cautious in the market now. My main hold is in Miners at this point
We have witnessed a superb rally over the years since the start of 2009, but at current levels it seems that ASX may have already started to rollover for a deeper pullback.
1. It seems that it has already made a High in October 2020 and since it was very overbought, the price action since the last 4-5 months have been bearish and it has become toppy.
2. We can...
