ASX 200 (XJO) Technical Analysis: Global indices are in the same intraday Elliott wave count, that is, we are looking for the top of Wave (i).
For the ASX200 the Wave (i) can be in place or one more small high, however we are looking for an abc corrective pattern back below the 7400
Australian Stocks:CBA needs to move above 100 and ANZ above 28 for long trades. Iron Ore is down 5% so expect pressure on resource stocks
Trading Levels: ASX200, Classic trading levels pattern across 7400 is helpful as the next long trade set up
ASX200 Elliott Wave:(ii) of v) of 5 of (3)
ASX200 Trading Strategy:Buy Wave (ii) correction, see video Video length 00:22:27
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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.
