After the most recent Santa Rally ( nice fellow Santa ) we are now at a significant chart resistance with XAO in almost no time ( see previous SPI Daily Chart). A zone to beat IMO for the short term bullish bias to be carried over to the medium term as well.
But aim of this analysis is to look at the two most recent Tentative Price objectives. Bearish as well as Bullish. Vertical Count Method used. If we see a close @ or above 5440 that will negate the Tentative BEARISH COUNT of 4820 and a close @ or below 4960 will negate the Tentative Bullish Count of 5520 which must be noted. I ma not having a bet each way here, by giving two opposing counts. PnF Charting allows the trader/analyst to do that.
I have left my studies on the chart. StockCharts.com software also has a Tentative Bullish Price Objective taken from the last column of X’s as shown on the chart, with a tentative bullish price objective of 5740. I will disregard that for now personally. Reason being, we have a confirmed Low Pole, prior to that last column of X’s, which gives us an active Bullish Count (the one which I took and shown on the chart).
Chart is courtesy of StockCharts.com
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