“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” Lao Tzu, Chinese philosopher, 6th century BC


Wednesday, 23 October 2013

23 Oct 2013

The downward move has not ended yet and we should see a extension of that tomorrow for lower lows, but once lower low has been made, I would suggest looking to see if the rally to the upside has a 3 wave and corrective feel for it.  This should indicate for us that the momentum has switched to the downside.  The 60min level is looking like its making a head and shoulder pattern, but until we have a breakdown from the neckline, nothing is confirmed.

Main-Trend: UP
Short-Term: DOWN

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