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Good Morning and Welcome to the XJO Thursday Thread
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News for Today (AEDST)
The XJO closed lower on Wednesday, where spread and volume increased substantially, and the close was mid bar.
The Index initially pushed higher, before a significant news event brought prices down with considerable force.
The close is clearly below the horizontal line marking the mid September lows, and usually I would say something like - "so barring a complete reversal (which is always possible, but unlikely) another breakdown will most likely be confirmed in this current downtrend". But in this case, I will hold back for a day or so and just see how price responds, as the mid bar close on that very high (and unaffected) volume, suggests some substantial positions were taken off the lows. That said, if a breakdown was to be confirmed, this will be the fourth breakdown in this downtrend, and each of those lines will offer future resistance when challenged at some time in the future.
The overnight trading will be quite important......at the very least I expect a massive shakeout, similar to what was seen on the FTSE after the Brexit announcement, and I won't be surprised to see some multi bar down days to really shake this market good and proper.
Finally, just a further mention on the FTSE Brexit bar....at the time the stupid media was very very very bearish on the result, however what actually happened was a massive two day shakeout, and price then accelerated higher with intent......keep this in mind over the next few days.
Good Trading and Investing
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