A PIVOT POINT BULLISH REVERSAL on hand when it was much needed. A follow through with another higher high close next week, would be the potential confirmation of a Wyckoff Accumulation C Phase.
C phase is where the new trend is born, but during the make up of Phase D, where a CHoCH ( Change of Character) with price action behaviour is on hand is the place most Wyckoffian traders/investors may get busy with their longs, in theory at least.
If ( a big IF) this is PHASE C of Accumulation with XAO, we have already seen the bottom.The low that we saw last week is what I am talking about (4858).Lets see if this may be the case over the coming weeks/months ? A new low on the other hand over the coming weeks/months, if on hand, negates this analysis.
For now, watch things as they unfold and wait to see what a historically bullish Feb. may bring ? Another unexpected surprise to the upside may be ?
Enjoy your weekend.
XAO Weekly Chart with Wyckoff Accumulation Labelling below.
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