Hey PB, we don't want you to go MAD. I recall you have been saying for many months now that you were looking for a significant high in our markets in January. AND, more recently hanging on to, "maybe it came earlier than you expected"(when the XJO hit a high on the 2nd of Jan.). Then came today, 31st of Jan ; oops, another new high ... but still within you timeframe. So, you may not be mad at all as you may have it covered anyway?
However, whilst you and many of your concerned(fair enough) followers here, are thinking Bearishly(or at best, uncertain), I'm a little bit more Bullish on our Markets(XJO). I tell no Fibs but as long as the XJO continues to tell the right FIBS then I staying with it. That's the DAILY ones I'm referring too. I've posted them B4 here(Nov.?) ... as a possible, now more probable, personal "Road-Map" for the XJO. Today we made a new ATHC(Close) on the Daily BUT its the ATHC on the monthly, on the back of our last ATHC on the Monthly(last December). Weekly not looking too shabby either for yet another ATHC as well.
Daily Chart ... See my notes on the chart itself. I think, whilst there is a very good chance of a pullback soon it will be short-term and not very much; very likely coming from near 7730. However, I'm actually focusing/preparing fpr my next Fib area(~ 7934) as high possibility B4 March. This should be more apparent if and when the XJO consolidates above 7730.
Weekly Chart ... Yes, still two day's trading to go to confirm BUT I believe the Weekly will also show an ATHC on its chart come Fri's close. Its clearly trending up(AP, MA's and Oscillators ... note where the SSTO has bounced from recently and is looking to cross-over from). Any other (Share)chart with this sort of +Ve pattern would result in a swift breakout. Now I'm not expecting that but am prepared to say it could surprise(to the upside).
Monthly Chart ... I mentioned earlier that it was this chart that has me 'excited' most. Why, because we now have a confirmation new ATHC on the back of its previous ATHC candle. Additionally, the SSTO(RSI) has had a +Ve cross-over after its initial bounce from the 50% level confirmed. As mentioned back in early Nov., the SP of the XJO had again reached its strong MT suppt line of the AP and this line had acted as good suppt b4 on a number of occasions. This bounce has been no different but now we have also broken out of significant horizontal resistance.
So, as a summary, why would(I) go against strong Monthly, Weekly and Daily Chart evidence of strong uptrends.
(20min delay)