Hmmm, 1 week on and I have to admit I got it 'short-term' wrong; the XJO(and SP500) are proving resilient. In fact, the short-term HnS pattern I was focusing on in the XJO, proved wrong the very next day after I posted and now, today, she has even made another post pre-covid high and only a mere 14pts from its ATH. Its even looking as though that will be breached, if not today, then certainly next week. So, it Humble pie for me ...atm!
However, my GUT keeps 'churning' inside and my brain is not easy with the strength of this uptrend. I wonder how long can this last? But that has been the feeling for some time now and I have been thru this feeling before in the past ... right most of the time but also wrong!
So, I cut my small BBOZ for a few point loss yesterday and will stand aside until further clarification (hopefully my attached 2_Hourly chart helps explain why). Having said that, I can not buy into this market at these levels ... Time will tell whether this is "chicken little" or wise!
Updated XJO Daily Chart ... have also included my Fib extreme 'targets' to watch for because in this update, as I explained b4 with my original posting, even though I felt the Short Term signals and potential bearish pattern(H'nS)looks as if it had been confirmed , the important median-tyne of the Bull AP was not! So, the UPTREND is still very much intact and even strong(in its own sluggish way).
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My
BBOZ 2_Hourly Chart ... Note the early breakdown 'warnings' on both oscillators, then the break down of trend support on the Flag pattern and finally the breakdown of the (red) dotted horizontal support line. And now today's trading has made new ATL's ... Not so good(and I know from past experience new ATH/L's in BBOZ often precedes the XJO(Mother instrument).
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Hopefully, next week's action reveals enough SP action to clarify the bigger picture.
(20min delay)