Friday, January 13, 2012

XAO brief update

The XAO is laboring on the last triangle leg up which can be seen clearly on the 60 minute chart.

The last XAO short term post indicated wave 'e' was already underway, but this was slightly premature. From here, I suspect there could be a little push higher to 4270 to complete the final leg of a triangle and thus a double three combination should be finished. The MACD is divergent suggesting a change in trend is at hand on the 60 minute chart.

Breaking above 4300 would be a concern and would suggest caution in the short term wave count (but would not invalidate the ending triangle)

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