5 Nov 2013

The sentiment on my part seem to be that we are still in a corrective move.  The question is, if this correction is a uptrend corrective counter move or if this correction is a corrective move from a downtrend starting from its Oct highs.  If we can isolate the corrective nature of the move then  we could possibly set-up for the stronger moving direction.  There seems to be no urgent move to the downside causing me to think that this is just a levelling off till it moves higher, but we have to keep an open mind. Therefore I have included a possible BEARISH SCENARIO at the bottom of this post (2nd chart).

Main-Trend: UP
Short-Term: UP

BEARISH SCENARIO (bottom):

BULLISH SCENARIO (bottom):