Monday, July 18, 2011

Short Term XAO update

Wave D up should be on the verge of heading northwards with MACD divergence on the 30min chart indicating a change (of some form) is pending. Discussed in the last post was the likelihood that this small down leg may in fact use the previous upper channel line as support – which seems to be occurring

However, a push higher should occur very shortly. Dropping under the channel line with momentum would be a cause for concern on the short term count.

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