It will be interesting to see where the XJO and the DOW both eventually land. Since the 1987 top the XJO out performed the dow...roughly 5.95 times as opposed to 5.25 times.....both are currently hovering around the 3x area. As I mentioned previously the 2x level for the DOW (5445) also represents a 61.8% retracement from the top so I see that as a strong magnet for the DOW....but what will the XJO do in response ?? 2x the 1987 level is 2300 and that makes my stomach hurt if I think too hard about it and as Volt pointed out there is chart support there....but a 61.8% retrace is only 2617 and also has chart..... that is much closer to the 2700 that so many have been touting.
the final landing spot may depend on what gives with resources.
fulcrum friday, page-11
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| XJO (ASX) Chart |