Morning all,
Just a quick update on my previous post.
1. World markets including major US indexes are on their way up (as predicted).
LSE hit a 2 month high and the DJIA, S&P500 and NASDAQ all rallied sharply, posting a higher high than the previous week as Stochastics bounce off oversold levels on all Daily charts.
2. Gold continues to come under pressure (also as predicted) and is heading towards the $1200-$1250 zone after posting a local/medium top above US$1300.
3. Brexit proving to be a storm in a teacup in terms of global importance (as predicted) - more of a good excuse for a market correction at the usual time of year. Those who have overestimated the importance on a British referendum on global markets (including disciples of the
'sky is falling' brigade) have been fooled yet again. To
@trader_10 and others that have dogged the Xped threads over this topic in recent days, I hope you are listening.
4. Even if Britain decides to leave (which I hope they do for their own long term independence & prosperity), any fallout on global markets will be short lived IMO and forgotten about in six months from now. The fact is that there are far more serious issues facing the global economy but as long as the Fed keeps rates on hold, cheap/easy money will continue to fuel 'risk on' markets for the time being IMHO.
5.
Xped related stats
a) today marks the
10th straight trading day (15 calendar days) without a material announcement relating to Xped's core business. This is officially a record even if we see an ann. today. Therefore probability would suggest that a material announcement (i.e. as per the question marks on
my updated version of the timeline below) is just around the corner if not today.
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b) Yesterday was the 20th trading day since Xped posted it's intraday and closing top of 11c and 10c respectively. Was yesterday's low of 6.6c (via Chi-X) the bottom? i.e. a 20 day / one month correction?
Note that 6.6c is exactly a 40% correction from the top - for those who love round numbers.
As you would expect, XPE options have corrected even further (from 9.5c to 5c) representing a 47.5% decline in just 16 trading days.
(p.s. special thanks to the person/entity that sold me some oppies at 5c yesterday
)
Also, interesting that it took IOT (the company) exactly 20 trading days to correct from its recent top to bottom. Are the market makers playing the same game with XPE?
c) As Knowbs recently pointed out on the charts thread, yesterday's ASX low of 6.65 cents is exactly a 50% retracement of the distance from our 2.3c low (bottom of cup) to the recent high of 11c.
{11c - (8.7c distance /2) = 6.65cents}. Just a coincidence or an important area of support?
On the monthly chart (not shown) it is also worth noting that yesterday's
June closing low (thus far) of 6.8c is a exactly a 50% retracement of
the body of
May's candlestick (3.8c - 9.8c in length). Just a coincidence or an important area of support?
d) Gaps (a topic of frequent discussion on this forum) quite often don't get filled. Note: this is a proven fact and not my opinion. Refer to RAP's daily chart (March 2 - 3 gap) in addition to thousands of charting examples where the gap didn't get filled. Thus those who are waiting for their 6.4c fill may miss out on a re-entry or top up under 7 cents, however only time will tell.
e) Searching for the
most reliable early indicator of a rally, I have reviewed the hourly slow stochastics (14,7,7) on the Xped chart. Whilst acknowledging that the past does not equal the present and there are certainly no guarantees with any one indicator, the past reliability of the slow Stochs predicting a forthcoming rally (as highlighted below) has been excellent. Will this time be any different?
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f) please note that this time next week (July 1), XPE is set to become a
revenue generating company thanks to the expected 'completion of purchase' of JCT by June 30.
GLTA and please DYOR as all of the above is only my opinion and interpretation of the current state of play.
Cheers
Elpha
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