18 July 2014

Prices we discussed yesterday about closing for 3 consecutive hours below the 60min charts 200ma needed to happen for the bears to retain certainty. The open quickly erased that scenario and pushed prices in an accelerated momentum and all about erased yesterdays loss.  The bulls are not done and they are fighting teeth and nail to keep the momentum going their way. 

It is possible the triangle is still forming, and we can be certain about the pattern, but not the count.  The push higher today will certainly alter the ST next week and as I have said in the past, volatility like this will distort the ST's results.  Eventually though everything will clear up, and so all we need to do is play it out or wait it out.

MT: DOWN
ST: DOWN
PA: NA

As you can see our MT has been on the down-trend indicator, and is a sign of a divergence so long as it remains down and price continue higher.