We have a descending triangle within a down trending channel as of this writing with XAO. Boundaries of the descending triangle is marked with dashed Pink resistance and support lines. Support line is where the potential double bottom may be( still not confirmed)and the resistance line is the dashed down pink trend line where we had a test and rejected today. But looking at the current live SPI chart ( not shown) that line is again tested as of this writing @ 19:35 13/07. If successful, we have our next hurdle where the two moving averages almost converge, as well as the price resistance from prior test, marked as medium term resistance.
Just for reference a MAJOR TREND is like a TIDE in the ocean. MEDIUM (INTERMEDIATE)TERM TREND IS LIKE the WAVES and the SORT TERM is like RIPPLES.
This analysis is not an investment/trading advice as outlined in the disclaimer.