The AUS200’s current 2nd corrective up wave looks exhausted and topping out! The index's price may dump anytime soon.

Last analysis today goes to the AUS200 index.

My short trade plan yesterday has quickly exited in a stop loss:

https://www.finlogix.com/analysis/20240530/aus200-intraday-analysis-and-trading-plan-for-may-30-2024

There are no further Australian high impact economic reports left this week while there is 1 left in the US tonight.

Re-assessing AUS200’s high timeframe candles:

Yearly Candle: Still a Green Long-Legged Semi-Doji since last check

Monthly Candle: Still a Green Long Upper Shadow since last check

Weekly Candle: Last check is a Red Body with Equal Wicks now a Red Long Lower Shadow

Daily Candle: Previous close is a Green Body with Equal Wicks current is a Green Spinning Top

This is a follow-up in yesterday’s analysis.

For now, let’s remove the March-April resistance and April-May support trendlines out of the picture by focusing on this 2nd corrective up wave.

We can see clearly that the flipped S/R is actively rejecting AUS200’s attempt above it with a connecting 4H 200-SMA resistance too.

If this recent rejection is the intraday’s supply area then yesterday’s dip will be likely targeted by the selling pressures when they arrive.

Although immediate buy stops are ready to be triggered if we see sudden pump above the flipped S/R.

I’m still betting for a further price free fall once the 4H death cross is completed now that both the 4H bear crossing and 200-SMA acting as the immediate resistance.

These 2 scenarios are my confluence for the next price dropping.

Of course, the AUS200 bulls have all the right for a price rebound recovery.

Since the 7700 loss was breached today, I’m opening a higher sell limit order than yesterday’s short entry.

This new short trade plan still targets the same profit level yesterday and 50-pip stop loss but the reward is increased to a 3.20 RRR.

See you next week and have a great weekend.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

AUS200 Intraday Analysis and Trading Plan For May 31, 2024

May 31 2024

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