reveal yourself friday, page-29

Just about everything that could be bearish has failed. Not only has it failed but it has done so with very deliberate intention. Locally the XJO has little to be concerned about. It has successfully void the structure of the Feb to April 11 move which IMO is what gave us the 2011 lows. It has successfully backtested the 200 extension from the 2011 DB, which in itself is a bullish event.

Any short to medium term downside locally will need to come from an entirely new structure which will take time to form. The last driving structure for the bears is the first corrective of 2008. With all the data available it is realistic that XJO will run to the 23.6 of that structure (5766ish). I have no real resistance other than short term noise coming up until the 5180-5200 area.

ww1