AUS200 trade ideas
AU200AUD Elliot Wave Symmetrical Triangle Pattern The Australia 200 looks to have formed a nice symmetrical triangle pattern with 5 waves complete. Price is above both the 50dma and 20dma providing some bullish confirmation. Target is the 61,8% fib which is also at the 100dma
ASX200 daily- Rising Wedge+failed to break 38.2% Fib retracemASX200 daily- Rising Wedge + Failed to break 38.2% Fib retracement.
According to Thomas Bulkowski "Rising Wedges, especially for downward breakouts, are some of the worst performing chart patterns. Downward breakouts have an unacceptably high failure rate and small post breakout declines. Also, throwbacks and pullbacks occur 72% of the time."
Breakout for Rising Wedges: Can be in either direction, 60% of the time downwards.
Short AU200AUD0.618 retracement level
reversal pattern ascending channel
divergence on MACD 4C
continuation pattern on a smaller time frame. Bullish flag pattern
Short Analysis on AU200 ( ASX ) 2 timeframes / By ThinkingAntsOk
Main items we can see on the 4HS chart:
a) From the Historical Higher High at 7200 the price made a bearish movement and found support at 4800
b) From there we observed a bullish movement towards the Broken ascending trendlines of the previous ascending motive waves
c) The structure that we can see is a Wedge Pattern doing a pullback to the previous ascending trendline
d) We saw a breakout of the wedge pattern and a corrective structure next to it
e) Our Forecast is that there is a major resistance zone at 5600 -5650 and we will expect a bearish movement towards 4700-4800
WEEKLY CHART:
ASX200 or XJO just fitting curves and a lineWho knows, but I'm guessing volatility on the ASX will be less than NAS or SPX!
ASX - A couple of 1-2 1-2 Waves Have Set Themselves UpGet a nice tight stop on this green wave ii double top.
We should start seeing some action in the markets today.
Check out my previous ideas on this leading up to now.
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$XJO asx200 respecting old Gann & phantom channel lineWeekly Gann Chart
Current view shows strand lines and level support resistance lines. I will stay neutral at this point.
Long on candlestick confirmationAscending triangle pattern forming nicely on the daily chart, shift down to the 4H chart for a confirmation candlestick and take your trade long.
Obviously if the price closes under the 5363 or worse under 5338 level this strategy is not working.
please leave comments below.
AUS200 buya retest of broken fib level is coming before a further push to the upside. Lets trade with the banks
Go Long ASX200 to 5726-5800. $XJOIf we can break the 50MA (yellow line) in the next few days, the next level of resistance is the red zone just below 5800.
However, I am no longer bullish if we fail to break 50MA and go below the 20MA (green line) or regression channel.
MA - Moving average.
ASX200 Basing - Are We Getting Ready for a Breakout?- ASX 200 has not recovered as fast as the US Market but enjoyed strong gains today +1.6%.
- Technically we have retraced to the 32% Fib level from our 52w Highs. We want to see a breakout from this level and a push past the 50% level.
- From a Health perspective Australia has flattened the Covid19 curve but some of the biggest contributors to the ASX 200 such as the banks have reported bad losses this week. Overall we are bullish on this market over the longer term and want to see this basing pattern play out.
S&P ASX 200 Index technical analysisThe Index had a head start in yesterday's session after bouncing off at 5200 and breaching 5244 and 5288 resistance before closing the session at 5318. These are my estimates to the upside if it holds above 5244.
Target 1 - 5365
Target 2 - 5484
Target 3 - 5530
AUS200 - Strong reboundASX200 - Intraday - We look to Buy at 5325 (stop at 5270)
An Evening Star formation has been posted at the high. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. A possible AB=CD formation looks to target 5470. We look for a temporary move higher. Further upside is expected and we look to set longs in early trade.
Our profit targets will be 5475 and 5560
Resistance: 5370 / 5475 / 5567
Support: 5325 / 5275 / 5200
Possible reversalFirst off I want to mention how much this chart resembled the GFC after it crashed. There was a hopeful rebounce and then another rejection. There also seems to be a double top forming which signals a reversal and the MACD signals strength is slowly diminishing. There could be a possibility of even a triple top before reversing, but I am doubtful it will break current resistance as there was a doji on the weekly chart from the week prior and a potential 'death cross forming' in the weekly chart. I characterize a death cross when the orange goes over the blue line.
*This is in no way trading advice, simply an opinion
XJO 2020-May-04XJO is running support on a very shallow growth trend on the short term trend. Patience is the play here; with the downside risk being higher than the reward of a rally back to the resistance. Wait for a breakout.
The downtrend pattern is forming?This week will be the super slides downturn? Seen a lots of indices are getting downward momentum.
