Thought I should also point out this interesting observation that someone allured me to a few years ago
The XJO has a tendency to regress towards the 50% retracement, where it either finds support or runs into resistance. Below is some examples on the weekly chart- the most prominent being the 50% from the all time highs to the 09 low.
If we zoom into the daily chart and look at the present, then things start to get interesting. If we use the anchor point( low in 2013), and draw a retracment from the 2013 high, we see that price found support at the 50%, and made a similar pattern to what we see unfolding right now. What makes it especially interesting is that if we then draw another retracment using that same anchor point(low in 2013), but this time from the 2014 high, then we see that price right now is finding support again at the 50%...
(20min delay)