22 Oct 2013

I was hoping for a more pronounced reversal candle today, but didn't happen.  But more importantly though is that the pattern that formed today is a corrective move which is not finished.  The EW here is not as important but we should look at the move as and ABC or 1,2 and 3 to come.  That said, our trends are still short-term overbought.

Main-Trend: UP
Short-Term: DOWN

 

Yesterdays analysis that we would see higher highs due to the a,b,c,d,e pattern has proven to be the right call.  So we will see tomorrow morning if our corrective call will be on par again...