AUS trade ideas
XJO and the BOTH SITES.As we can see, we don't have a really clear entry yet, but anyway we will wait for it! if this wedge decides to break for downside we will wait the retest in the demand zone to make the best entry, the same in the topside so be focused and put some alarms in the both possibilities
XJO Bearish Wedge PatternI haven't seen anyone else post it so thought I'd give it a go, the rising wedge pattern is a common formation in bear markets, the closer price moves within the formation to the apex point, the more likely a breakdown will occur and we are close this point as seen in the chart... We have been respecting this pattern really since the start of the rally which really seems to be looking like it has run out of steam (only slightly higher highs since the 31/03) we have only added on an extra 3% since 31/03.
Even after today's surge, which was looking very strong until it reached the top of the wedge range and acted as resistance.
SPX 500 also has the same pattern and I'm convinced that a big move down is coming perhaps near the end of the formation, which looks to be lining up with a challenge of the 50MA on the daily TF, which may eventuate next week or the week after.
Wait for confirmation of course before entering a position.
GET READY! Aussies may have a problem. Price is struggling below ATR line.
Probability south is 55% (45% for the north). How far south if it moves, is another matter.
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