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XEL daily 20/05/13

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The bounce in XEL has come a little earlier than expected. There was a bullish divergence in RSI and 5 waves down but 88.75p was not a significant support so we've been caught out and missed this rise.

104.75p and 103.5p are both resistances and appear to be holding the SP currently. I'll be looking for a small retrace from here before a 123-low breakout, perhaps up to the 61.8% Fib area at 112.5p where the main downtrend from the 248p high in July 2011 will be in a week or two. 

This 5 wave move down, preceeded by what appears to be a 3 wave move up, remains a cause for concern so we'll be looking towards that downtrend resistance. As long as that holds the downside prevails. On the other hand, a close above there would l
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