10 July 2014

The lower low made today by the market did not make the picture any clearer other than the fact it was impulsive.  In EW the pattern looks to be an a-b- and c which and should be impulsive in manner.  So the question now is if this is the low in place or is the impulsive move down today is a sub-wave (i) of a 3rd wave.  In which case is valid due to its impulsive nature.  So many possibilities...

Yesterday my bias is on the downside and today, my views has not changed. The only thing holding this bias back is the fact that the candle made a reversal on the daily chart, but does not mean that it always turns out.  Lets not pick bottoms here rather lets react to what markets tell us tomorrow...  A continued lower price lets us steady the course, and a push higher should not violate yesterdays high.

MT: UP
ST: DOWN
PA: NA