27 June 2014

The scenario that I have been warning about yesterday happened today.  The ST indicator has turned up and the movement of the intra-day did not extend the ST's downward trend.  The lack of impulsiveness was evident of that.  The bull-trend today sets up the market for yet another higher high probability.  EW allows the bears to stay alive but it is not comforting to me that the ST is not in sync with the EW pattern.

So far the impulse higher could be considered as a C wave sub-wave by the bears for a B-wave.  An impulse lower next week would confirm this.  The price has landed below the wedge line for a resistance and that to should be looked at for possibly denying price pushing higher.

MT: DOWN
ST: UP
PA: NA

Based on our indicators, we can see the Main-Trend pointing lower with prices making higher highs.  This can be seen as a negative divergence.

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