30 Apr 2014

EOM... The Monthly candle is a hammer of sorts, but it is a positive bar.  We are now in acceleration territory (Upside).  Now this is not a prediction, but seeing that we are overbought, prices could push much higher much faster.  Again this is reiterated as well from previous posts.  The upper BB is now at 1903.27, and there are some who are looking for this target.  With the band being at this level, time is at hand to try and reach this level, pierce it and reverse.  There are several counts in EW, so many variations of bull and bear count that I couldn't fit it in the chart without confusing people.  One such count though could be a B wave of sorts that formed from the current  low to todays high.  This of course would be confirmed with an impulsive move down.

MT: DOWN
ST: UP
PA: UP

Based on the chart below, we can clearly see that the recent CIT range was just a short term phenomenon.  We have now hit a higher high, and looking for a intra-day reversal.