I have marked the Intermediate Term Trend with Orange support and resistance lines and Primary ( Major) Trend with Black support and resistance lines on this monthly XAO chart as shown and watching them going forward for any potential SIGN of WEAKNESS similar to that of 2007 – 2008 period from here on.
If we look at the last three bars, it is almost certain that a BEARISH COMPLEX PIVOT would be on hand by the end of the month subject to where the close is. Should that be the case, it would suggest a shallow flat correction at best or a deeper pullback. We have known that the market was in a corrective period from our daily charts for a while.
FREE chart is courtesy of tradingview.com
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