ASX200, CBA, BHP, FMG, RIO, GOLD, NCM, WPL, STO, AUDUSD - Elliott Wave

Elliott Wave Analyst - tradinglounge • May 18, 2022 at 12:24 AM EDT

The Australian ASX200 Index on an intraday basis is moving in line with US markets, the current move up is being seen as a corrective rally, but still this needs confirmation, which we should see in the next session.

red and blue light streaks

Photo by Maxim Hopman on Unsplash

Australian Stock Market Elliott Wave Analysis Trading Levels ASX 200 Index (XJO), Forex AUDUSD, Commonwealth Bank CBA, BHP Group (BHP), Rio Tinto (RIO), Fortescue Metals Group (FMG), Woodside (WPL) Stantos (STO), Newcrest Mining NCM, VanEck Gold Miners ETF GDX, Technical Analysis Trading Strategies

ASX200 Market Summary ASX200: a) b) c) as Minor Wave 2 Correctie rally. Another session for the upside before the turn lower. This corrective rally is in line with US markets, however we still need to confirm the move up as a corrective rally.
ASX200 Trading Strategy: Once the five waves as c) of 2 is completed, we can then start to look at being long or short, the bias is short

Video Length: 00:25:29

Video Chapters
00:00 ASX 200 SPI XJO
11:43 Commonwealth Bank CBA
13:48 Iron Ore BHP RIO FMG
7:28 WPL STO
19:55 US Spot GOLD, GDX, NCM
23:02 Forex AUDUSD
24:59 Thanks for watching!

Disclosure:

As with any trading or investment opportunity there is a risk of making losses especially in day trading or investments that Trading Lounge expresses opinions on. Note: Historical trading results are no guarantee of future returns. Some investments are inherently more risky than others. At worst, you could lose your entire investment and more TradingLounge™ uses a range of technical analysis tools, such as Elliott Wave, software and basic fundamental analysis as well as economic forecasts aimed at minimising the potential for loss. The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without taking into account your particular objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide, tradinglounge takes no responsibility whatsoever for your trading profits or losses. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice in light of your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in Indices Stocks shares Forex CFDs Options Spread Betting derivatives of any kind / products is appropriate for you in light of your financial trading circumstances.