XJO still holding on to its 7yr uptrend channel, ~ 5000 support and 'quadruple' bottoming .... JUST????
Yes, not yet broken and also still holding the 50% POC of the May'13 to July '13 corrective range that has coincided with our supporting "quadruple" bottoms BUT as i said on Thursday, if we were going to get a close at/below Thursday's close (5010) this week it will be the lowest Wkly close for 30 months and the 3rd largest % weekly fall in the XJO since the 2007 high and now that is the case for both. In addition, whilst still a couple weeks to go to the end of the month, a close below similar levels(~5000) will also mean our Monthly L/T CCI50 will join both its Daily and Weekly compatriats entrenched in BEAR territory.... surely not a good sign!
With the Future's 'forecasting' an 80pt early drop for Monday's trading you'd think if that's not recovered fairly soon, or at least by next week's end, then that should really swing the odds strongly in favour of seeing at least a test of 4630's before any reasonable rebound. If that is the case then it would not only appear we have been in a 5-waver decline since our quadruple top(early/mid 2015) and we are in our wave(v) down now BUT also one would have to start factoring in a possible L/T(3.5yr) H&S topping pattern is in play with its MM coming somewhere near our 2009L(assuming a neckline near 4630).
S/T Bulls will be really need to be alert, or need some good "fung chui" to hold in this Chinese Roulette play atm. (So, is it "get-out", "double_up" or "hedge" on Monday?... Hell, I don't know!)
Speaking of REAL DISASTERs ... Whenever "FIRE DISASTERS" occur in our "Our land (that)abounds in(not only) nature's gifts(but more recently disasters)" you must feel exceedingly saddened if not squeezy. Yarloop mostly decimated ... was one of W.A.'s "heritage listed Townsites" at one stage. Really sad to see, not only all those homes lost but also, its only Pub and its Town Hall both really the only the main community attractions gone as well. Only abt 4 years ago my wife and I(with another couple) went on an organised New Year's Eve Hotham Valley Train trip from Perth to Yarloop with a Progressive Dinner/Dance organised by the local community at the same venues as the main 'attraction' for the evening....GONE but memories!
**My immediate thoughts are with the people from Yarloop and my hope and wish is that you all will find the courage and strength as a community(with the help of all Australians that can) to begin the healing process this coming week and always...
(20min delay)