Publishing the PnF 3 box charts of both indexes to see how far the correction/downtrend/bear trend or whatever else one may call it is likely to go. A forecast method that is more accurate than any other IMHO.
Going from the forecast of XSO, I do think that further downside moves are likely and a test of GFC low and potentially beyond. Top of XSO started back in 2017 as one can see and completed recently.
XIJ on the other hand is a different breed in terms of it’s trend. Strength after strength in it’s major bull run. It’s PnF bearish price objective is met and exceeded slightly with a decent bounce from it’s March low.If EOM closing basis of XIJ, on a line chart is examined, the major uptrend here is still intact,since the 2019 low had been respected so far.Regardless I am also marking the anticipated trading range boundaries which the price action is likely to follow over the months ahead.
In short XIJ is an exceptional candidate for long positions once the bull run with the broader market resumes again.
All charts are courtesy of tradingview.com
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