In no time we are at a short term resistance with our market, sharp and decisive.
This BULLISH move of the today is so significant which has complications beyond the next 5 periods and perhaps into the new year.
My stance has always been that the current trading range is an ACCUMULATION not a RE DISTRIBUTION since there are lots of similarities with both. From the SCLX on the 25th of August that had been my personal view based on my Wyckoff Method of Analysis. But the confirmation of the next anticipated BULL RUN would only be confirmed on a close above the level marked with “C”.
My feel is that seeing this strong reversal of today is the beginning of the next potential BULL RUN.
Close above “C” would also negate the BEARISH TENTATIVE PRICE OBJECTIVE published previously, leaving us with 3 BULLISH P&F TENTAIVE PRICE OBJECTIVES which we already know. Potential 4th BULLISH PRICE OBJECTIVE will also be published if and when on hand. Still some churning is expected within this trading range but it may be reasonable to assume that we are in PHASE “D” of WYCKOFF ACCUMULATION before we enter PHASE “E” which is the MARK UP PHASE or a new BULL RUN in conventional TA terms.
But for now, a warm welcome to Santa in November for the early visit !
DAILY XJO (ASX 200) CHART BELOW.
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