18 Jun 2013

Price Pattern is right on track for a ii wave or B wave blue. Yesterdays low could also be counted as a B wave of and abc blue pattern which converges with all resistance level of 1660.  This level should be watched for potential turning point.  Of course we would need to confirm that with our indicators.

Mid-Term: DOWN
Short-Term: UP

Our short-term indicator has been pretty good on calling a bottom on the 14th of June just 1 day after the June 13th bottom.  This is short-term so remember that it is more inclined to be volatile.  It is however counter trending our Mid-term bottom so trades to the upside should me made on a daily basis unless the Mid-term turns in agreement with the daily.  Also with prices inching higher to FED speak day, it creates a better chance of a downside move than if we saw a low into FED speak day.

We also have a reactionary date tomorrow June 19th and with BernanQE talking tomorrow, that would be a given.