25 June 2014

Price action today doesn't seem to mimic that of a bearish move.  The lack of impulsiveness keeps the bears on their toes.  Our ST is still in a down trend, therefore we will keep the bias to the downside.  If we continue higher tomorrow, there will be a risk of the ST turning back up.  An impulsive move lower will rejuvenate the bears for an EW wave C or 3.  Typically, the 2nd wave does retrace deeper and closer to the start of wave 1 so for now there is no need to be alarmed.  I would still like to see the 1925 broken for a longer bearish scenario.

MT: DOWN
ST: DOWN
PA: NA