XJO ... I'm looking to sell rallies from here on...but thats just the opinion of this Chartist.
1)...because the XJO has failed again to maintain value above the 38.2% retracement level from the May swing high(4448.50).
2)...today's action finished back inside our (orange) "controlling range" confirming that last week's action above the upper boundary(s) is very likely a "false break-out".
3)...today's action also broke a short-term H&S neckline plus below a Gann support level(yellow) suggesting at the very least a test of the important Pt. of Control level @ 4074 and more likely 4050 min.(H&S MM). I say min. because the worrying sign going forward is that if 4074 doesn't hold current weakness then one must conceed the May - July corrective phase has ended and we will see lower(than 3986.50) fairly soon.
Tomorrow/early Thursday probably will see a back-test of the neckline(4108) or even as high as 4122(top of Controlling Range level)because of the short-term wave structure from our most recent swing high(4175.80).
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Last
7,971.1 |
Change
105.600(1.34%) |
Mkt cap ! n/a |
Open | High | Low |
7,865.5 | 7,976.9 | 7,865.5 |
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