Where could the current BEAR MARKET could find it’s next SUPPORT with XAO ? I have highlighted the next zone of support (4500-4650) for our market with Yellow. It was the zone where the last late 2012 early 2013 bull run was confirmed with a breakout ( prior resistance now turns support).This level was validated with a pullback thereafter. This level together with the 62% Fib. Golden Mean ( not shown) would be the next level to watch, if we fail at current levels.
At the bottom window OBV also registering lower peaks and lower troughs which also confirms this BEAR MARKET.
I am waiting to see a HALT to this DOWNTREND with a SELLING CLIMAX and a confirmation of this potential SELLING CLIMAX with a successful RETEST.
Weekly XAO Chart below.
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