This post on Australian Index ASX 200 is coming after the earlier post on (21/08/2018)
The following is the hourly chart of AXJO since the bottom made on 20th March 2020. Since then the index has risen up in 3 waves (a-b-c), with probably a triangle in wave b. If this hypothesis is correct then the index is at the risk of further downward correction. Any possibility of bullishness will open only if the index completes 5 waves to the upside (shown in blue). If it completes 5 waves to upside, then the retracement of that as shown in blue may present a buying opportunity. But until then the index may be risky.
The following is the hourly chart of AXJO since the bottom made on 20th March 2020. Since then the index has risen up in 3 waves (a-b-c), with probably a triangle in wave b. If this hypothesis is correct then the index is at the risk of further downward correction. Any possibility of bullishness will open only if the index completes 5 waves to the upside (shown in blue). If it completes 5 waves to upside, then the retracement of that as shown in blue may present a buying opportunity. But until then the index may be risky.
Following is the weekly chart presenting the bearish possibilities in red and bullish in blue. But since so far the index has completed only 3 waves, since March bottom, it may be better to be cautious as the possibility of continuing bear market is very much there.
Corrections can take numerous forms, therefore only general possible directions are shown on the chart and no elliott wave counts are shown.
Corrections can take numerous forms, therefore only general possible directions are shown on the chart and no elliott wave counts are shown.
Disclaimer : The analysis presented here is for information and educational purposes only and doesn't constitute investment/ trading advice.
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