XAO update 5/04/09
by, 5th-April-2009 at 11:16 PM (914 Views)
Possible H&S pattern forming on the XAO on both the daily & weekly charts.
Would need to see a rejection of 3700-3800 this week and then support at somewhere around 3300-3400 (lower higher) and then a drive through resistance @ 3800. Target would be roughly around 4300.
Whether we have made the ultimate low or not I don't know. But I think we will see an extended period of sideways trading after the ultimate low along the lines of the 3rd attached chart. Please note I'm not comparing the 87 crash or economy to now just using the chart pattern as this is what I think the recovery will look like.
These are just possiblities to be proven or disproven by the markets and will no doubt change as the different possiblities play out.
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