13 May 2013

It seems the correction on Friday has not finished and could be composed as an abcde pattern for B that made a new high.  This suggest that when wave C is done going down from todays high, we would then move to higher prices.  An option of the abcde pattern could also be an ending diagonal 5th with 3 wave pattern in each wave making higher highs.  But this would suggest that if the pattern has ended a MAJOR uptrend then the move down should have been impulsive or in a 5 wave manner.  That has not been the case, at least not in a 5min basis.

Mid-Term: UP
Short-Term: DOWN