XAO Short term Update

In the last XAO post it was described that the 'X' wave could drop to lower levels meaning that it was not complete. This has occurred and there is a good chance that some further downside needs to unfold based on the wave structure. A 50% retracement would tie in well as a bottom for decline before the next leg upwards commences. Levels to watch are 4815 for a bottom for the current 'X' wave correction, breaking above 4950 would most likely indicate the next leg up is underway.