27 Nov 2013

Today was a light trading day and prices showed an interest in pushing higher today.  The pattern cannot be read clearly enough to give any EW potential counts.  Therefore we will just rely on our indicator.  Yesterday I wrote that the wedge yesterday was either a 5ht wave or a B wave followed by a impulsive drop before the close.  Today we did not make lower lows, so potentially the B wave has the edge here and we might see higher highs in the next few days.

Main-Trend: UP
Short-Term: DOWN

We had a change in direction on our short-term trend, but we are still in overbought range.  Therefore the risk is still to the upside.

Prices are following our angles. This blue dotted line is my 1x1 angle.