xtf_ze_trader

XJO going to drop like a falling stone?πŸ‘ΉπŸš¨πŸš¨πŸ‘Ώ

ASX:XJO   S&P/ASX 200 Index
XJO aka ASX is showing a particularly dangerously bearish pattern . Are we gonna see a revit to 5900$ levels ? Are the bulls gonna dump their positions and run? Lets dive into this chart and analyse.

The chart is depicting one of the patterns that is known to be bearish . That patter in a bearish divergence. We have higher highs on price but lower highs on RSI . Shown by 2 blue lines on the chart.
If this plays out where does the TA leaves us? To me 6413$ level will be a place to keep an eye on and if it is broken, 6200$ is the level to watch. I am not short yet and I am waiting for 6500$ to be broken before considering this.

I will keep this post brief as I am still waiting for a few catalyst to happen then I will update you as days go by.
If you like this TA please give a thumbs up. Have a great weekend ahead.

Comments

Thanks for pointing out the divergence. Somehow I missed that. I am thinking of going long if it retraces 0.5 fib.
+1 Reply
XJO tried to deny the bearish divergence but it is not over yet lets keep an eye on this index.
Reply
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