Short Analysis on AU200 ( ASX ) 2 timeframes / By ThinkingAntsOk
Main items we can see on the 4HS chart:
a)From the Historical Higher High at 7200 the price made a bearish movement and found support at 4800
b)From there we observed a bullish movement towards the Broken ascending trendlines of the previous ascending motive waves
c)The structure that we can see is a Wedge Pattern doing a pullback to the previous ascending trendline
d)We saw a breakout of the wedge pattern and a corrective structure next to it
e)Our Forecast is that there is a major resistance zone at 5600 -5650 and we will expect a bearish movement towards 4700-4800
WEEKLY CHART:
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