Just revisiting some of the previous stuff posted last year on here. (chart 1 below)
following is upto date of that previous XJO chart.(chart 2 below)
(just a reminder... red and black bold lines are main cycle waves ,I am interested only in direction and duration, they are not used to for projecting price targets even though as can be seen they sometimes appear to be in perfect alignment)
So looks like we got captured within the safety net of the red weekly cycle and are indeed taking the more scenic route down as we formed as little sideways range. I have framed that range with the Blue and Green bold Hoz lines. The Blue bold hoz Line is obviously the main concern as it is the breakline of previous long term support and now becomes strong resistance. Couple of early attempts so far for recovery on the topside have both been terminated with a lower highs and the 'weekly close under' on that break of support 3 weeks ago 'could' be hinting of further weakness ahead (so something that we have to keep in mind). Winding up here for a 3rd push up and now synchronised back in the middle of the road (so to speak) of the weekly wave path so will be interesting to see how we go with this 3rd attempt. The 200day average also adding to the congestion of resistance now at 5180 as we continue to look at it from the underside.
I mentioned previously that both these cycles (black line of the monthly cycle and Red lines of the weekly cycles) are both incredibly powerful cycles that need to be fully respected.... The chart below shows a point of disparity where the weekly cycle temporarily conflicts with the LT path of the monthly cycle. March/april is where the action will happen, if the weekly cycle wins out then it wont be until July until we are again in a combined agreement for a rise. Either way its going to make for interesting times coming to a market near us.
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(20min delay)
