In deeply oversold condition with it’s medium and long term trends down ( Dow Theory), in the current month we have a potential PIVOT POINT short term bullish reversal signal in the making with METALS AND MINING INDEX. I have elected to use BAR CHARTS to demonstrate it.
BHP is reporting tomorrow which is likely to be a catalyst to confirm this potential pivot point reversal in the making or it’s failure. An end of month confirmation is a must. We must therefore wait for an end of month confirmation.
If it is completed successfully that may suggest a potential counter cyclical rally or a congestion area (Trading range/rangebound price action) over the next 5-10 months.
I am keeping an eye for this potential short term bullish development and it’s potential effects thereafter.
Trends up or down, bull or bear will have to come to an end at some stage. This short term bullish development may well be the beginning of the end to the major downtrend with XMM. Time will tell off course.
At this stage only a potential short term bullish development within a major down trend which is yet to be confirmed. Stalking XMM with further analysis over the coming months is a must.
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