17 Apr 2014

Markets was undecided today and we are close to the April 9th high.  This is an important barrier to overcome for bulls.  It suggests that a 3 wave corrective patter would be followed by an impulsive move to higher highs.  So far, we are not in a position to call that bullish case scenario.  A bearish EW count still in play as a 1-2 1-2 count in blue (Chart).  The ST remains on an uptrend but will ultimately depend on how the intra-day performs next Monday.  We are also within the range of a possible CIT highlighted in a vertical pink bar.  Prices must be impulsive to the downside for a 3rd wave to occur.

Nothing has changed on our MT.  I guess for now a good Friday and a Happy Easter is in play.

MT: DOWN
ST: UP
PA: NA