Further bearish developments continued with XAO closing below the December 2014 low. If the current levels does not provide support as expected, like it had done in the past number of times,which is a long term price support, we will be guided with the PnF chart tentative bearish price objective which was @ 4820.I am eagerly waiting to see the EOM (end of month) close.
Also waiting to see the stopping action in the shortest time frame daily, for a mood change. For that I am watching : 1) tentative down trend line drawn in PINK , 2) Awaiting a confirmation of a selling climax (SCLX) which is only confirmed after the automatic rally (AR) by employing Wyckoff Method of analysis. If and when these two conditions are met, I would then call it a HALT to this DOWN TREND, not a reversal.
But all the technical damage which has been done so far, in my opinion as far as technicals are concerned, will require a fair amount of time ( few months @ best) to be repaired.
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