S&P/ASX IndexShort
AUS200 Possible Bullsih Butterfly Pattern Forming?
It is possible that we have a Bullish Butterfly Harmonic Pattern forming and on confirmation, a SHORT setup can be triggered. My elliott wave count also lends credibility to this idea as it seems we are approaching the end of a Wave Y corrective structure. MACD however suggests downwards move as well as RSI as having already completed overbought status. However Stochastic does show approaching overbought status (not there yet). In my opinion, I will wait for the price action to reach the Entry Zone of the Harmonic Pattern confirmation before I take a Short on this for TP#1.
TP#2 however, if reached, may invalidate my wave count and change structure unless a significant news event occurs as a spike. I'll be watching this particular price action very carefully before keeping open the position to TP#2.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
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TP#2 however, if reached, may invalidate my wave count and change structure unless a significant news event occurs as a spike. I'll be watching this particular price action very carefully before keeping open the position to TP#2.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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