It seems we have a great opportunity for a LONG trade on the breakout of the corrective structure. EMAs show price action has hit the Mayo on the reversal and has also just hit the Water with a wick at the bottom of the candle. In my opinion, on the breakout of the corrective structure, a great setup will have been confirmed to trade the entire Wave 5 Impulse...
This reinforces the AUS200 short trade as miners represent a large % of the XJO You really need to look at the quarterly chart as there is a bearish pin bar, this does not necessarily mean a major sell off - but it does mean a short term pullback is likely and this pattern is in line with the macro time frame picture
After some consolidation the materials sector took a hit of Chinese stockpiles and Trump not repealing Obamacare
RIO (one of my friends ask my view for this stock) After a BAT pattern Price already rally to the previous neck line I expect a correction may happen Pay attention to 29.80 level That will be a good entry level to long TP1: 42.61 TP2: 56.82
Goes against my bulled up metals view but will be looking to short above $61. May the meltdown china induced... writing in the tea leaves?
Wait until Wednesday latest if the price doesn't fall then buy. Using price action $30 shows bullish momentum supply and demand has been outlined. With weekly highs being touched price should lower, then jump up again. For now i would wait. If price does go towards and touches support at $27 mark i would definitely be buying this market
Shares opened lower today and are now trading at least 5% lower on the day around 2555 levels. Retreat from 2800 (Oct 11 high) followed by a drop to 2550 levels adds credence to the bearish price RSI divergence on the daily chart. However, a 250 point point drop could lead to short-term loss of momentum and thus yield sideways action before further losses...
Rio Tinto weekly chart shows inverse head and shoulder breakout, although subsequent rise has been capped repeatedly around 2550 levels. On the daily chart, both the RSI and money flow index suggest increasing bearish pressure on prices. Hence, we could a minor drop to 2390-2350 area. However, overall view stays bullish unless the weekly close is below...
Hi Everyone, there is a sell setup for RIO -0.89% on the London Exchange. It is in a corrective ascending triangle which we are waiting for to break down and out of. A high risk entry is available on lower time frames now which could bounce up off the lower trend line but otherwise we will wait for the break and retest of the lower trend line for the sell.
Big price drop on MN chart, then typical correction and now possible secound down move of price. I took signal order from D1 chart.