Wed. p.m. 5/1/22. XJO falls modestly after Tuesday big rise.
XJO down -0.32%.
I'm no Elliott Wave Specialist, but a cursory glance at the pattern from 2 December suggests we're looking at a classic five wave impulse patter: 1 - Up, 2 - down, 3 - up, 4 - down, 5 up. That's usually followed by a three wave corrective pattern.
Here's an idealised chart:
Maybe this all just technical analysis witch-doctors. If it has any validity - then we might be in for a pull-back.
Statistically, the Santa Rally continues until the second trading day in January. So we could be close to the end.
For a long time, I've pencilled in 6 January as a possible start of a pull-back for the market - just based on previous experience.
Let's continue to watch the charts and see how this pans out.
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