Yes ,congested in the intermediate term but an index worth looking at carefully small caps (XSO) and perhaps some components within or VSO.ASX ETF ( Visit Vanguard AU Website for Fact Sheet and PDS and the rest if interested) or any other ETF tracking this index.
What is the message here looking at this monthly chart of XSO ? Correction within a major uptrend at or near it’s 2011 highs at present. Unlike XJO or XAO we haven’t seen a bearish monthly pivot which may or may not happen. A positive and this should be seen as a strength on behalf of XSO.
What a base (rounding bottom) and a breakout in mid 2016 as can be seen. Textbook perfect. The CAUSE built within this base should result in a meaningful EFFECT. Still has a fair way to go technically in my opinion and it deserves an attention. One more MAJOR UP LEG is well and truly possible on this front.
To be continued…
We have been taken out for a ride with some of the local charting software providers for a long time. Thanks to tradingview.com and for the FREE chart and covering ASX. This landscape will change.
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