Weekend Charting and Chat - 23rd October 2015

In keeping with the positive price action seen since the 1st of October, on Friday the XJO made a decent attempt to breakout of the trading range it has been in for almost two months.  The Spread was wide, and volume increased to above the recent average.  It is too early to be sure this breakout will be successful, however (as mentioned) the recent price action suggests this is certainly no fluke.
As I have said numerous times while the Index traded sideways in a range, to become potentially bullish, I would like to see price breakout above 5303.1 (preferably followed by a retest of that level from above, which may or may not actually happen).  So now we wait to see how much follow through will come, and then if price will retest the breakout or not.......or if it will all just fail, and immediately reverse and breakdown (which is always possible...but unlikely).


.