18 Aug 2014

Prices have moved higher and have covered last Fridays losses.  The ST continues to be on the UP trend.  The waves are ever forming and although counts are not ending where we think they should end it does not mean that the count is wrong.  But the only thing keeping this bearish count alive is the fact that prices have not exceeded the all-time high.  The price move thus far seems very impulsive but the pivot points are overlapping each other suggesting that either it is still corrective, or a bullish sub-division.  Throw it up to a coin flip if it makes you feel better.  This week is critical in that many of the bulls and bears will be watching this for the longer-term trend.  This week would be the pivot point for time as the bulls and bears fight it out..  So far though the bulls are inching ever so close to victory.

MT: DOWN
ST: UP
PA: NA