AU200 - more selling to come....before the LONG....

Let's begin with the monthly - we can see the market has aggressively rejected the top of trend line after creating new all-time high at 7600 zone.
The Strong support is down at 6800 zone - previous all time high.
The monthly suggests we may see more selling.

Comment:

The Weekly shows the strong rejection at the top but it also shows strong support at 7200 zone

Comment:

Here is the Daily as we are viewing now - market just opened.
After the craziness of the last two days market has rebouded sharply off a small trend support (purple line) and horizontal support (blue line).
We are looking for the retracement to the 382 and 50%. Failure to reach tthe 382 will proide clear indication that more downside is to come on the daily.
The faint yellow line is previous ATH and strong support 7100-7200 zone.
The bright yellow line at 6880 zone is first ATH.
All in all I would not be looking for a long but waiting for strong supports to be reached.

Comment:

We have reached a strong support and a double bottom - I am looking to be a buyer but not just yet as the price action is still too bearish.

Trade active:

Took the trade at the 1.618 extension reversal of the last swing - below the bright yellow line representing first ATH and one of our entry targets.
If you are in we'll look to see if we can reach the 382 retracement.
It's a risky market atm so we can't be too greedy...

Trade closed: target reached:

Our target was hit and we were taken out with a very profitable 1:5 trade.
Yes we could have made more but that was not in our plan.