The push lower today was expected and if you were late to the blog, I have posted the analysis of yesterdays top and why that was significant for this probable run lower.. The question now is how much lower price will go until the bulls will take over. Perhaps an ABCDE scenario also is in play but lets take it one day at a time. Although an ABCDE would be bullish longer term if it happens (3rd Chart).
The ST has turned down today and this along with an underwater MACD on the Daily chart is bearish. A rally tomorrow is not out of the question and can still produce a bearish pattern (Chart 2).
MT: DOWN
ST: DOWN
PA: DOWN
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