Based on wave counting, the extended "B" has been formed and now the big "C" correction is on its way.
I believe in some coming weeks we will have a huge correction..
#BEARISH
IHSG has potential to complete inverse cup and handle with target near previous high.
With less than a month left for 2023, IHSG will probably on track to reach its previous high before year end, finger crossed.
From Nov 23 - Composite has gone up for around 10% until the current date.
Some news says " there is a pull back as rate cut rally dissipates"
for IDX, we must see using the Indonesia's rate policy, which now is in a good stand, inflation is under control, most of big companies performance for the last 9months have shown a significant growth. Our Banking...
COMPOSITE - has a potential drop to 6892, reason is because there's a resistance zone above, and a potential time resistance.
COMPOSITE will stop dropping until the 29th November (Wed). And could potentially rebound after.
COMPOSITE - POTENTIAL PRIMARY MOVEMENT TO 6962. The JCI recently has broke it's inverted head and shoulders pattern. The target price is likely at 6962 (Fib Cluster Zone), and it will be a one swing movement until 16 Nov 2023.
JCI (Index Harga Saham Gabungan) has crashed and gone down -1,7% in one day.
Here's my analysis of the turning point dates and the price bottom dates.
IMPORTANT DATE:
- 26 October 2023
- 2nd November 2023
the IDX failed to close at 7000 yesterday and today its back to 6939 level, but if we look at the bigger picture, IDX is still on uptrend, as long as it can maintain the minimum level at 6882 we are still in a good path
If we see A/D line, this indicator also still convergence with the IDX
Hopefully in a few weeks /month before year end, we can see the IDX back...
Next week will be decisive by #IDX and supported by 2 potential bullish trends, where the candlestick pattern (cup and handle and bullish flag) that is formed clearly indicates a strengthening towards 7300.
but these 2 chart patterns will fail if next week they are under pressure and stay below 6850.
If We see period from 5 june to today 6 july, there is a symmetrical triangle pattern formed and
today's closing above the upper trend line of the symmetrical triangle. if the price is staying on this level, it's possible to reach next resistance on 6822.
If we assess using AD Line indicator, we can see that the ADline is recording a new high which means more...
June 21th 2023 IDX Composite Index (IHSG) Swing Trend Analysis
This Analysis is Based on ICT/SMC Market Structure in Daily TF
The information I provide should not be considered as financial or investment advice. Forex trading involves significant risk, and it is important to conduct thorough research and seek advice from qualified professionals before making any...
Keeping a close watch on the Indonesia Composite Index as it may approach sub 6500 IDR. If the downtrend continues, there is potential for a head and shoulders pattern to emerge.
Additionally, the low volume of the index should be taken into consideration. Will be monitoring closely for further developments and opportunities.
