9 Apr 2014

Our ST has not turned bullish yet but todays move made a bullish scenario more likely.  Prices have sustained yesterdays move and we would need to sustain the same uptrend tomorrow if we want to see a positive ST.  Another CIT for late April is at hand and people watching cycles are aware of this.  For those who don't should stay vigilant of these possible turning points.

There is a resistance at 1880 and could stay within range tomorrow.  Any hard or impulsive move down from here could form a H&S pattern that could push prices much lower.  Therefore at this moment the CIT can be considered a high or low for late April.

MT: DOWN
ST: DOWN
PA: DOWN

As our indicator above shows the risk of prices are still to the downside so long position must be limited...

Still in play: