CXO - Chart Thread, page-4252

Monthly chart telling an interesting story.  The March 2022 breakout candle has been dictating a sideways movement for several months now, with the SP unable to register a convincing monthly close above this level - furthermore the are multiple wicks in this range indicating repeat failed attempts to breakout into new levels.

The June 2022 candle was an interesting test of the March candle, ultimately failing to invalidate the breakout given the lower volume.

We are now at a point of indecision, does the SP finally break-out above the previous rejection area into new highs?  All signs are pointing to 'yes' with the elliott wave counts supporting that a move is imminent and the LIT ETF also breaking out.  We may finally get to see the SP with a '2' in front of it in the next few weeks/months.  We may even see a similar sized candle to the one seen in March to hit the top of the trend channel.

All IMO.