17 Jan 2013

There is still in play a higher high.  The patterns that has formed currently has the ability to turn itself into a corrective pattern which could signal higher highs.  We wont know if an impulsive move might continue next Monday if we truly have hit the top of the market.  The MACD did not break below the median line and the Stochastics did reach below the oversold but retracted before the day was over in the 60min chart.  Therefore anything is possible.

MT: DOWN (Still OB)
ST: UP
PA: UP

Our indicator suggest we are still up trending.

The chart below shows the patterns that are available to us.