IDX COMPOSITE FORECAST FOR NEXT 8 MONTH (NORMAL CORRECTION!!)
Overall, IDX COMPOSITE managed to break through its all time high, but if you look at the weekly line chart (my WEEKLY ANALYSIS in different post), it's time to retest the support area with the farthest target at 6258 in mid-January, supported by weekly bearish divergence, so index correction is still normal.
let's go into more detail on the 4Hours timeframe.
From October 15 to November 8, a broadening pattern was formed, and has managed to reach the target at 6,750.
Until November 25th, a confirmed rising wedge pattern was formed with a target of a decline to 6,448 (fractal with a demand area). The possibility of a reversal of the index (rebound) around December 6 and retests the resistance again (6.550)
However, on the other hand, if it is in accordance with the above scenario, a potential double top pattern is also formed (confirm if index cannot break resistance around 6.550), with a further decline to 6.258 (fractal with second demand area)
In simple terms, the above can be referred to as the A-B-C correction wave which will last until mid-late January, and once again its still a normal correction, not even a crash.
Disclaimer On.
let's go into more detail on the 4Hours timeframe.
From October 15 to November 8, a broadening pattern was formed, and has managed to reach the target at 6,750.
Until November 25th, a confirmed rising wedge pattern was formed with a target of a decline to 6,448 (fractal with a demand area). The possibility of a reversal of the index (rebound) around December 6 and retests the resistance again (6.550)
However, on the other hand, if it is in accordance with the above scenario, a potential double top pattern is also formed (confirm if index cannot break resistance around 6.550), with a further decline to 6.258 (fractal with second demand area)
In simple terms, the above can be referred to as the A-B-C correction wave which will last until mid-late January, and once again its still a normal correction, not even a crash.
Disclaimer On.
Trade ativo:
ORRECTION NOTE: Please Note that the pattern formed until 25th November is RISING WEDGE, not falling wedge (made a mistake writing falling wedge in chart).
