My longterm view of Jakarta Composite Index (IHSG) is BEARISH.. Based on Elliot Wave perspective, i could see the Composite Index now running on its end of wave 5. It made a huge and wide consolidation around 7k to 7.3k and most likely the consolidation will break and lead to bear season.
I recommend to SELL ON STRENGTH at this time, cause the highest chance for the next trend is bearish trend.
TARGET???
1st: 6500
2nd: 5500
possibly lower than 5000!
Stay alert!!
COMPOSITE trade ideas
IHSG The IHSG is currently experiencing a weakening trend in the monthly trend, but in the long term, it is still in a bullish trend. However, I see that the IHSG has formed an ABCD pattern. Theoretically, the IHSG will experience a correction with the following targets:
Support 1: 6350
Support 2: 6000
Support 3: 5700
If the IHSG does not reach 6780, this theory will fail.
IDX Composite - Jan 2024From 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 industries', which accounted to around 50% of the Composite portion's, growth also in the good direction.
We are still waiting for the last quarter performance result
I believe, this year, though it's a political year for indonesia, IDX COMPOSITE will still grow higher than last year
IDX Composite_31 August 2023the 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 to level 7000 even more
Since our index mostly is supported by finance industry (more than 50% weight), with the help of the Big banks performances (Good sign), our beloved IDX will come back stronger
Patience is the key to success.
#plan_trade_repeat
#plan_trade_repeat
#IDX can be bullish trend next week ??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.
COMPOSITEIf 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 stocks are following this trend
But if we see using McClellan Summation index, it shows the money havent entered the market yet which make the market will retrace for some time
so is composite will go higher or retrace for some time? only time will tell
@plan_trade_repeat
IDX Composite Index (IHSG) Swing Trend AnalysisJune 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 trading decisions.
Eyeing Sub 6500 IDR Amidst Potential Head and Shoulders Pattern.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.