With the least line of resistance being to the upside, in this major bull run that we are in, XJO is about to confirm a DOUBLE BOTTOM re affirming the SUPPORT at the zone of 5700. If completed successfully, that would put the target from the pattern to 5900 zone.There is resistance in the zone of 5830 – 5850 prior to that, which may be easily overcome should we see the banks lift their game even in the short term as a counter cyclical move.
What else can we say in the short term ? Those mechanical systems designed on Bollinger Bands are likely to close short term long positions on an encounter with the upper band, which is also in the zone of 5830 – 5850. Expectation in this zone may be a pause due to an anticipated profit taking prior to any further upside move.
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