AJX looks to be forming the left half of a 'fry pan' bottom as...

AJX looks to be forming the left half of a 'fry pan' bottom as the down leg loses momentum and starts to flatten out with a rising MACD histogram over the past few weeks supporting this.. Often this sort of shallow pattern is duplicated in reverse as the SP starts to recover. There are references on the web about this pattern Note the MACD histogram is now moving into a neutral sideways pattern as the bottom forms.

In the short term 34 cents has become resistance, previously support, since the break down on Monday but it wouldn't take much to turn the break into a false break as the SP likely starts to recover in the next day or two.

Daily Short Term COB January 16th