XJO or SP200 about to decide where to go🚨πŸ₯΅πŸš¨

ASX:XJO   S&P/ASX 200 Index
AS i mentioned last time that XJO was fighting the 200MA that was aligned with the 0.618 golden fib, apparently it lost the battle and decided to consolidate below it.
But does t look like it is going to make one major decision which will be written down in history? lets dig deep and analyze.

XJO after failing to conquer the 200MA has been shy and it even failed its 50MA and now it is fighting to stay close to the 6k level.
However, considering the massive selloffs on Wall Street, I think it is about to make one major move. Looking at that chart it is almost writing a curve as if it want to fall below towards the 5700 which is a strong support.
I think we may see the price testing that level in coming days and if that level fail, my friends, I see XJO going deep down.
However, not all hope is lost, at the moment it looks like it is in massive consolidation zone which, if it holds , can be considered as a huge bull flag .
Most short term indicators like PSAR, LSMA , QLSMA look bearish so far.
As I said last time, this may not be the best time to buy, better wait for the market direction then enter the market. But for those who ride the waves, they may find it interesting to but the support and sell the resistance.

I will keep you posted of any change in this market. Stay safe. Dont forget to smack the likes.



Thanks for your input!
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