| Weekly Trend: | Neutral | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Down |
The weekly trend has now turned neutral and is very close to being DOWN. We are now in an area that we could almost suggest a significant high has been made, but this has not yet been confirmed. Today did see a high close after the reaction of the US lead and the Henry Tax report. Looking at intra day data there is reason to think this immediate move lower may have terminated and that a bounce is about to begin, but I’ve lost the confidence to suggest that new highs will be made. I am of the impression that the best case scenario is that we’ll roll around in a range for several weeks before attempting a move higher. Worse case a low volume bounce will be the last gasp before a more spirited downside move. If we do get that low volume bounce, especially if it occurs in a 3-wave formation, then we’d need to be looking at selling into that strength.
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