All or Nothing Wednesday

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Good Morning and Welcome to the XJO Wednesday Thread
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News for Today (AEST)



The XJO closed higher on Tuesday, where spread was about average, and volume below average (price rose on a lack of selling pressure).
Once again the Index accelerated higher from the lows of the range, this time in response to the mid bar close on Monday which suggested buying.  We have seen multiple bottom reversals in this sideways range now, particularly since mid/late June.  And each time price challenges the lows of the range there has been a clear opportunity for price to breakdown, but so far this opportunity has been ignored.   Following each reversal, after an upbar or two in response, there is then a lack of demand for higher prices.  
During price action such as this, the general suggestion is not to guess what will happen, but instead to wait for a clean and clear breakout or breakdown (sometimes after a subtle false break the wrong way), and then joint the winning side.  
That said, the closer I look at this sideways range, and the individual price action and volumes which make it up, the more this sideways range looks like it is part of a re-accumulation zone...........if so, this thing will probably breakout at some point in response.





Good Trading and Investing