ASX 200 Technical Analysis - Thursday, August 26

(Video length 00:35:05)

  • ASX 200 Index Overview: Looking for a move higher to 7550. Only if this level becomes the support can you trade long.
  • Commodities Copper and Iron Ore can now have lows in place. This is also being confirmed by the AUDUSD and the DXY US Dollar Index.
  • Resource stocks are still lagging, but we will aim to get the timing right for long trade-in due course.
  • Australian Stocks: Finance and resources stocks are heading lower, that said the resources stocks are in their final stages of completion (2 weeks) whereas the  finance sector stocks are just starting their decline into Intermediate Wave (4)
  • Trading Levels: Minor Level 5; 7,500 as the market support
  • ASX200 Elliott Wave: Working to counts, however an abc rally to the 618% 7550 as Wave (b) top can be inplay
  • ASX200 Trading Strategy: Long trades to exit at 7550 and wait to see if there is a Classic TradingLevels pattern at 7550 if so trade long again

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 ...

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