xjo - weekend charting and chat

It's Weekend Charting Time again...

The XJO moved sharply lower on Friday.
Spread was wide and the close was low, on lowish volume (value traded).
The Index sliced down through the previous support and closed on the mid January pivot high.
The 'ease of movement' lower suggests a pull back of some sort may be in order.
A Point and Figure count across the congestion at the 5420 level, infers a pull back to ~5150.
A more conservative count suggests a target of ~5200

cheers