My objective "Bullish" case.. with Forecast Target and Caveats....

My objective "Bullish" case.. with Forecast Target and Caveats.

22-June-2024 : Keeping It Simple with Price Action & Technical Analysis.

The chart of XJO Index on P & F looks very interesting, and the movement into column "X" on 21-June-24 motivated me to put my first post in this forum.
I am an amateur novice chartist, and open to feedback. Thanks.

* I have recently been introduced to Point & Figure, and have been fascinated with this noiseless way to analyse charts.
* This XJO chart is on a daily timeframe with a box size of 20.
* Very interesting observations, which are evident with the GREEN Support zones and the price action shown.
* The TOP green zone had been a resistance area since 17-Aug-2021, and since that upmove on 2-Nov-2023, has been holding steady ( so far) as a new found support. Thats a change of polarity of the area from resistance to support.
* However, we now see an immediate resistance above ( ORANGE zone ) at 7900that has been tested and failed twice. That looks a very tight consolidation happening between the 2 zones.
* Postives : The close remains ABOVE the moving average line, AND, the price has moved into a fresh column of "X" on 21-June-2024.
* As long as it respects the below support + stays above the BLUE line, my opinion is for XJO to remain BULLISH.
* I have marked the price targets from previous "X" anchor columns as MET. The price target from last "X" anchor remains open. Till the above conditions are not breached, the objective target for XJO is around 8200. Seems improbable now, but we let the chart decide. .

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