Saturday, August 20, 2011

XAO - Short Term update

There are two interpretation for the bearish case on the XAO - neither of them a positive sign for things to come - some charts later.

In the previous short term post, wave '4' upwards was considered underway, however it pushed past the 38% retrace level (which tends to be common for wave 4's) and stopped at 61.8% retracement of wave '3' down. A new low needs to now unfold before we see more corrective action.

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