Thursday, May 19, 2011

XAO Short Term Update

The XAO may have found a bottom at last. The next several trading days should provide additional insight on this assessment, however, a break out of the channel line (shown) needs to occur next.

In addition, the 5000 level should ideally be broken in shorter time than the second a-b-c leg took to form eg less than 14 days. This would provide additional confirmation that the next leg up may well be underway.

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