XAO has not changed its trend yet.

My view and analysis is The XAO has NOT proven that its broken out of its downtrend yet. I continue to see lower highs and the Trend does not look to have changed as of yet. In a previous accumulation Period which was similar I could see the pattern was also different to this one. I think we are in different waters here and the outcome is still waiting to play out. I wouldn't be getting to exited just yet but my view could change in a week, pending on the strength and if I can see it break through and close above this pennant pattern. We could possibly be in a distribution pattern where we could see a downside before we see a continued rising market.