Weekend Charting and Chat - 12 December 2014

The XJO closed lower again on Friday,

Although the Index did not respond positively to the spring seen on Thursday,
Friday was in some ways a potential secondary test of the spring.
However that said, it still needs to respond higher to confirm,
a breakdown and failure now would open up the possibility of reaching lower targets.



Note - ignore the average volume line..... it doesn't look right.....

.


The intraday chart shows the spring, and the potential secondary test of the spring,
however, it also shows Fridays price action within an Apex.

An Apex often develops as a continuation of an existing trend,
so watch for the direction of the volume on a breakout of the Apex (and beware of a low volume fakey).




.