16 May 2014

From yesterdays low to todays high, we may have formed a 3 wave corrective pattern.  We have resistance from the previous up-trend line and the 75 ma on the 60min chart.  Prices should move lower if we want to have a decent 5 wave declining pattern.  ST still remains to the downside.

On a weekly basis, the candle bar is sporting a neg. reversal doji. 

MT: UP
ST: DOWN
PA: DOWN