Short

XJO - Fall from the edge of rise

Updated

I'm looking at a rising edge pattern on XJO. Today's end of day confirms which we are headed, and if the pattern is to play out, we are in for a steep fall. I'm watching 7220 level...a close below is bearish and likely to confirm the drop. Next support around 6900s.

DYOR and trade at own risk.

Note

We are consolidating here, but this idea still looks very likely.

Note

This is no man's land to be honest. We have a bullish divergence on Monday's candle, so we could go either way from here. If we get support at this level, and bounce, we are going for the 7624 level - sounds very contrary to the market sentiment, but the CPI news today could be the trigger for our next pump.

Order cancelled

We did get support at trend line, so this idea failed. It's a bullish run now.

Note

Interestingly, it was just a dead-cat-bounce/fakeout! So this idea is very much ON! Watching 6900 level for next support.

Trade closed: target reached

ositrades

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