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AUS200 trade ideas

S&P ASX 200 Index price chart analysisS&P ASX 200 Index closed Friday's session at 5755.70 -95.4 down 1.63%. The Index was dragged down by the Major banks following a three day surged, which saw the big four banks share prices rose more than 20%. The Index broke through a significant price point around 5865.00 at the end of last week's session but failed to hold and retreated, closing the trading week at 5755.70. 5865.00 is the crucial resistance point to watch in the future sessions; it is more likely to correlate to the break-out point in February 2019. The primary support levels are estimated at 5735.00, 5660.00, 5534.00
ASX:XJO
by Rotuma
AUS200 (1d) - probability south. No loss no gain. This is a risky position, obviously. I do not know if it will fall or head north. My estimate is for the south. Heavy losses may be involved. Disclaimers : This is not advice or encouragement to trade securities. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
FX:AUS200Short
by Captain_Walker
ASX200 fails to penetrate - Time to test March lows?After the March lows, price has been retracing as lots of new investors and the government pump ridiculous amounts of money into the markets. The May monthly candle closed today and failed to penetrate the 50% Fibs and the now resistance of the Ascending Channel that has been apparent for the better part of 30 years. What does this exactly mean....? The long wick to the downside suggests the bears didn't quite think the March prices were low enough while the smaller wick to the upside was the bulls last attempt at taking back the 50% fibs level in order to head back up to test the recent ath. Due to the failure, I think that we head back down to retest the 5500 area, where we could end up making a HL if it holds above 5550. However, if the drop in the market is enough to take out the weak hands of these new investors causing them to panic sell. I think this will send us even lower, additionally, if the government decides to stop feeding the markets this could cause another domino effect similar to the drop in March where over leveraged newbies who may not understand the market are forced to sell and end up driving price down even further to create new lows... Where price will remain and begin to build the base of a slow economic recovery. Considering all of this is my trade: Enter Short: 5700 Stop Loss: 5834 TP #1: 5462 TP #2: 5161 TP #3: 4396
ASX:XJOShort
by BeerCanCapital
1
Elliott Wave View: Rally in ASX 200 (XJO) Should ExtendAfter forming the low on 3.23.2020 low, ASX 200 (XJO) starts a new leg higher. Short term Elliott Wave chart below suggests that the rally from 3.23.2020 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from 3.23.2020 low, wave ((1)) ended at 5563.6 and pullback in wave ((2)) ended at 5100.7. Index then resumes higher in wave ((3)) and shows a nest. Up from wave ((2)) low at 5100.7, wave (1) ended at 5549.1 and dips to 5169.6 ended wave (2). Wave (3) is currently in progress as another 5 waves of lesser degree. Up from wave (2) low at 5169.6, wave 1 ended at 5489.5 and dips to 5303.3 ended wave 2. Index then resumes higher in wave 3 towards 5922. Expect wave 4 pullback to find support in 3, 7, or 11 swing before the next leg higher. As far as pivot at 5300.3 low stays intact, expect the Index to extend higher. Potential minimum target for the Index is 100% – 123.6% Fibonacci extension from 3.23.2020 low towards 6268 – 6545.
ASX:XJO
by Elliottwave-Forecast
#AUS200: Playing a Descending scallop patternDescending scallop is a pattern that can be traded long or short. The price comes down forming a elongated rounded bottom then has a throwback. The high before the throwback (small dump) is the breakout level upwards. The lowest point of the rounded bottom is the breakout level downwards. So first we need to wait and see if there is a throwback - unless we have this then its not to be classified as a descending scallop pattern. The idea is to short at the throwback swing high, covering long at the bounce described below. Then if the throwback holds around the 0.618 fibonacci level you can look for longs when it breaks upward out of the high of the swing before the throwback its confirmation of the breakout. Invalidation of long is when we close under the bottom breakout level. Invalidation of short when we close above the swing high before the "Throwback". Check linked idea for a recent idea of descending scallop.
FOREXCOM:AUS200
by Worth_The_Ri5k
AU200 set to continue dropping?HTFs - earlier in the year this index went into free fall. It's "bounced back" but the overall state of price has been very corrective. Separating the patterns, I can see an ascending wedge which moved into an ascending channel and is now very near significant highs | LTFs - I'm just focused on the ascending channel section. There seems to be an expanding ending pattern at the end of the larger pattern which increases reversal probability. Price threatened to drop last week after rejecting at highs but is now creeping back up to high value area for a 3rd touch. ENTRY - I suspect that this time price may break the immediate high within the expanding pattern to complete the overall structure. Pattern within a pattern so I'll be looking for an entry at the top of structure once the high breaks. If price action is impulsive upon approach, I'll just wait for the market to show a signal it's reversing and then wait for an entry.
OANDA:AU200AUDShort
by Black_Magic_Capital
ASX Nice Complex Ending Diagonal - Let's Figure It OutStill looks like an ending diagonal and its heading back towards the previous Wave iv of Wave 1 which is a common retracement level. Wave iv of this ending diagonal E Wave took the shape of a triangle which means this last move is weak and will be the final move in Wave 2. Looking towards the SELL ZONE I would say this could result in a blow off top around the psychological level of 6000 if things get crazy. Wave (C) can easily exceed the size of Wave (A) if there is a buying climax and the reversal should be severe. A break of the the magenta line at 5474 level should confirm Wave 2 is over and we are moving into Wave 3. Please LIKE and FOLLOW to get notification of updates and future posts.
FX:AUS200
by AriasWave