XU100 trade ideas
Note to My Self:XU100 (BİST100)My expectation is firstly increake (rise up), after that little bit decrease (fall) and lastly bigger decrease.
Unless the government's approach to crypto exchanges and technology changes, the collapse of the stock market Istanbul will be faster. Blockchain technology is inevitable, it must be admitted.
Note: I hope they will take the right steps for recovery after the fall.
Not financeal advice.
Double top formation strongly hinting a bearish BIST 100Apart from the double top formation; my observations supporting a bearish BIST 100 are:
Already broke the 21 and 50 day SMAs.
Broke the upward trend for RSI.
Targets:
1380-1420: 100 day SMA and %78.6 Fibonacci level.
1280-1300: 61.8% Fibonacci level and support from the upward trend starting March 2020. This will also likely be around the 200 day SMA, too.
1190-1210: 50% Fibonacci level and filling the gap from November 2020.
BIST 100 resumes its decline - (B) might be completedIt seems like the (B) wave in the recent correction is completed at 1445.13 on April 6th, and it resumes its move to downwards to complete (C) wave. Based on A=C rule, the (C) wave might be expected to end at 1111.98 level, which also coincides with the starting level of the previous rally, which means a double bottom. From 1111.98, it might be expected to have at least 3 wave reaction to ongoing decline.
Breaking down 200 MA will be 1st confirmation and breaking down 1256.32 (A) will be 2nd confirmation.
Turkey Stock Exchange Future TwoWe mentioned it in the Turkey Stock Exchange Future analysis.
The 1580 level was important.
Now I think the nose is a clear peak.
If 1466 is broken, the correction will be started in the stock market.
I think the first possible target is 1215.
I cannot predict beyond the 1215 level before the price reaches 1215.
There are 2 possibilities.
