The following chart shows the XAO since the beginning of the bear market. It can be easily sliced and diced into four month segments. In the past four months, my thinking was guided from the beginning by the dotted lines shown on the chart - which worked out fairly close to the mark.
The chart is now faced with an area of formidable resistance. It has already been turned bavk there in October. So it seems likely that the next four months will work out to be sideways to down. We shall see.
If the overhead resistance can be overcome, then this is a very powerful bull market which is unlikely to be turned back for a long time.
Cheers
Red
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Last
8,589.3 |
Change
-13.700(0.16%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,603.0 | 8,617.0 | 8,572.1 |
| XJO (ASX) Chart |