Since we have a misbehaving market/markets, analysis in various time frames becomes more important than ever IMHO from here on. My view is that, we are potentially in the very early stages of a MAJOR MARKET TOP. This said, sharp inverse “V” correction/trend change may not be ruled out.
Notice : I have mentioned this before and done nothing about it so far, but, I am seriously looking at ways to connect/communicate with some of the fellow chart lovers/members to review market conditions as they unfold for EDUCATIONAL PURPOSES ONLY. Once a month to start with, which may be repeated more frequently if and when required. Please let me know by return email if you are interested.
To XJO hourly chart now, which is a very short term chart.It may not be an interest for some who has no interest in intra day hourly fluctuations. Should this be the case, best if ignored. If on the other hand one finds any educational use in it, be my guest.
All I did is to mark 1 SUPPORT and 2 RESISTANCE LEVELS and to work off those on any retest. I believe that 6000 level will be the major hurdle to overcome in the short term again. Therefore it may be reasonable to anticipate a potential trading range formation between 5800 and 6000 over the days ahead.
FREE chart is courtesy of tradingview.com
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