Sectors or sub-sectors from within XAO ( all ords.) are now the focus.Monthly charts are examined as a guide in determining support and resistance levels and focusing on those areas if and when they are tested. In doing this PnF charts with target projections will also be utilised from a point of view of forecasting the extend of a move once a completed pattern is on hand, similar to that of what we have seen in February. I am posting the long term Monthly with some markings as shown.
XSO is there a trend since GFC ? Or what has XSO done since GFC Low ? Answer is on the chart.
Here is the XIJ Monthly. I urge you to see the change on hand which is crystal clear. To give a clue one may examine the previous corrections in red and compare it to the current.Would this be the beginning of a new bear run or a deeper correction ? This is where the charts may come to our aid. At best, it will be a correction is my view.
To be continued…..
Both charts are courtesy of tradingview.com and are FREE.
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