Here's the final update to the daily XJO ellipses chart for those who are interested- chart updated to today's closing.
Observations =============
1. We are hugging the edge band of the lower boundary of the light blue ellipse. We are travelling within the trajectory of this light blue ellipse.
2. We have very quickly reversed back above the MAJOR axis of the super, duper, big dark green ellipse (SDBDG ellipse) after dipping a day below it - meaning still maintaining the 11th month uptrend.
3. We are one trading day to the end or completion of the SDBDG Ellipse, and about two trading days of the pink ellipse. Previous completion of the smaller ellipses accompanied turning points with strong momentum ie strong drives down or up. So we can watch whether there is a strong drive on completion of these ellipses.
4. Today's bounce up occurred together with the 5 degrees move of a half cycle of Uranus from pivot to pivot and also by the technique of squares, marking a CIT today. Both of these charts have been previously posted in this forum. All these techniques indicate a CIT- not necessary the ultimate low. Good for you to draw the squares on a scaled to squared chart to monitor closely.
5. The two alternative outcomes from the ellipses are: (a) Executing an edge band transaction ( buy ) from the light blue ellipse at the lower boundary of this ellipse and a strong move upwards within the light blue ellipse, OR (b)A quick reversal below the Major Axis of the SDBDG Ellipse, and a strong drive down as the big ellipse completes, and break a 11th month uptrend.
A study of other technical indicators and volume will quickly provide clues as to the future direction and which of these two alternatives the XJO will take:) (DYOR or refer to the XJO by stock forum - they are many enlightening posts with specific conclusions or comments on this). Perhaps you will like to share your views on this in the charts forum as well:)
Phew..! We have covered an entire week of ellipses almost on a daily basis, and so this will have to be the final update to the XJO ellipse. Otherwise, this thread will fast become a monologue instead of a sharing of technical ideas and become superfluous and boring.
For those who have gotten the ellipse and fibonacci charting software, I encourage you to post some of your work ( freeform or fixed ellipses ) when you have got a handle on using it.
Once again, hope you have been entertained and found the ellipses of some use.
(20min delay)