A Pivot Point Reversal (OHLC terms candles shown) at a support with potential Wyckoff Spring with XJO (ASX 200). At the prior post the H&S shown with the 1000 SPI TICK chart is the Pivot Point Reversal on hand today.
What does this mean ? In simple terms it had re affirmed our support which was extremely important . It can and it may fail but if it doesn’t and we see a follow through tomorrow that would mean upto 5-10 trading days from today, we should expect a bullish period with XJO and hence XAO.
We will see.
This pattern may turn out to be a redistribution pattern but we need to see a confirmation.
So in short the MAJOR TREND in my book is still UP with lots of technical damage in medium as well as short terms which will require fixing. That is very unlikely to happen overnight.
For now, we will keep an eye on the SUPPORT as well as the RESISTANCE levels and do our TA studies accordingly. Why ? It is a range bound price action and any trend following indicator is likely to give conflicting signals, often enough to confuse us.
Volume is not satisfactory as far as the bullish reversal is concerned, which also requires monitoring.But the price action as always first and foremost.
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