Essentially what that line shows is a energy level in 3D (thus why it curves a bit) which the market had to gather enough energy to break. It now should burn that energy and thus a slight pull back to that energy level before taking off.
Only a short term pattern, but it will take good force to hit the market to snap it. I am not sure of the cycles working in the XJO at the moment so I am not sure.
christmas crash, page-63
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Last
8,193.4 |
Change
-62.200(0.75%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,255.6 | 8,255.6 | 8,139.1 |
| XJO (ASX) Chart |