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).
.
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- Weekend Charting and Chat - 12 December 2014
Weekend Charting and Chat - 12 December 2014
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