charts

A couple of Pitchfork Charts(Daily and Hourly), with the assistance of Mr. Fibonacci, to help decipher a Road-Map going forward from here. XJO has met resistance within coooeee of a number of significant range extension "hotspots"...4742-4750(shown on Hourly) and a 4.5yr downtrend line(outer tine of red Pitchfork on Daily)...~ 4775. Yesterday's high is (maybe)the 4th attempt at breaking this trendline and usually that means ultimately it is going to giveway(even if just a false breakout). However, like most equity markets, the XJO is S/T over-heated so we should see a correction back towards the 4650's min first(and maybe as much as 4550)from current levels B4 the inevitable continuation of its NNE course.

The Hourly is a bit "busy" but suffice to note that the price action is above both Med-Tines of the bullish A.P.'s and that previous ranges(4-off) have been very usefull in determining intermediate swings within the period shown and probably likely for near-term future swings.