13 Jan 2014

Last Friday I put up a 60min chart give scenarios of a bullish / bearish EW count.  Because our indicators were biased to the downside in the ST, we suggested our preference to be for a down trend and a possible target of the 200ma on the 60min chart.  Today that exact scenario happend.  Now we should look to see if we close below that 200ma on a daily chart to sustain a more pronounced down trend.  If we hold here then most likely this is just a correction.  Clues to look for are impulsive movement to the upside or a higher low would suggest this is going higher longer term.

MT: DOWN (Unconfirmed)
ST: DOWN