The AUS200’s flipped S/R area has been reclaimed as a support. The index is still in a corrective wave unless last week's high is broken.

First analysis this June goes to the AUS200 index.

My short trade plan last Friday has quickly exited in another stop loss:

https://www.finlogix.com/analysis/20240531/aus200-intraday-analysis-and-trading-plan-for-may-31-2024

There is 1 Australian high impact economic report due on Wednesday while there are 9 in the US this week.

Re-assessing AUS200’s high timeframe candles:

Yearly Candle: Last check is a Green Long-Legged Semi-Doji now a Green Spinning Top

Monthly Candle: Previous close is a Green Long Upper Shadow current is a Green Shooting Star

Weekly Candle: Previous close is a Red Long Lower Shadow current is a Green Shooting Star

Daily Candle: Previous close is a Green Body with a Longer Tail wick current is a Green Shooting Star

The June opening faced a quick pullback through the current green monthly shooting star formation.

We can only say that the AUS200 index is likely to trade in previous month’s upper wick territory once the current month mutates into either a red or green doji at least.

Although the weekly and daily candles are also in green shooting star patterns.

On the 4H view, the current 2nd corrective wave is still threatening unless last week’s high gets broken then we will have a new up or even an impulsive wave to the upside.

For now, I’m observing a backtesting of the newly claimed flipped S/R area as a support confirmation.

If we see a strong buying presence below it, the better confirmation for a potential new up or an impulsive wave.

Until then the current intraday rally can be the 2nd corrective wave top through the 4H swing high happening.

So the 4H 200-SMA got broken which coincides with the flipped S/R area into a support once again but the 4H death cross is still on its way!

I can also see a new swing high point that can now retrace back to last week’s swing low.

By this, I’m still betting on a price drop which already started in today’s swing high hence I’m still shorting the AUS200 index.

I’m not shorting the current support levels unless they break down.

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 June 3, 2024

Jun 03 2024

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