This is a follow up to my 05/14/22 post "Nasdaq Bottoms at Important Support" .
Point & Figure charts objectively define support/resistance. They can also help to filter out false breakouts.
On 05/12/22 IXIC made a bottom in its decline from the all-time high made in November 2021.
On 05/20/22 IXIC went marginally below its 05/12/22. Could this be the start of a new down phase? Unlikely, because
there was no break below the Point & Figure support.
There's a high probability that IXIC could have a multi-week rally at least up to the important resistance area illustrated
on the chart.
Mark
Point & Figure charts objectively define support/resistance. They can also help to filter out false breakouts.
On 05/12/22 IXIC made a bottom in its decline from the all-time high made in November 2021.
On 05/20/22 IXIC went marginally below its 05/12/22. Could this be the start of a new down phase? Unlikely, because
there was no break below the Point & Figure support.
There's a high probability that IXIC could have a multi-week rally at least up to the important resistance area illustrated
on the chart.
Mark