XAO MONTHLY CHART UPDATE 21/08/2015.

We are still a week away for the month of August to be complete, therefore the last candle is yet to be completed. The tentative bearish price objective of 5200 is met and exceeded today. But the price action has closed slightly above it. Emphasis on this chart is the ZONE of 5100 marked as SOLID PRICE SUPPORT ZONE. This level had been tested 6 times since 2013 and held. I do expect a massive battle between the BULL and the BEAR here, on approach. The SMART MONEY put a floor under XAO six times in this zone. Will they do the same this time around, remains to be seen ?

Although the previously posted PnF chart of XAO has a new tentative bearish price objective of 4820 we may see a support forthcoming at the zone of 5100. Should the 5100 zone fail to contain the fall,we then look for some support around the zone of 4800.

I did not delete my studies on my daily chart and they show as clutter around March April peak, please disregard those.

 

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