3 Dec 2013

Todays Intra-day analysis of 1790 was surpassed by only 2.15 pts.  The angle drawn this morning proved to be a good support.  I have added another angle that I did not see till after, this crosses the other angle line and a bounce in price appear to have confirmed it.  On a 5min scale we can see an EW 3 wave pattern moving up from the lows, so we still do not know if this bounce is corrective or impulsive in manner.  All I can say is that the 60min stochastics is at the oversold level, and should elevate out of the oversold range to have a chance to run up.  Some can say we have made a 5 wave move down, but counting in a minute scale is not reliable.  For now, our indicators say that we are on a short-term downtrend.

Main-Trend: Down(Unconfirmed)
Short-Term: Down