morning star monday, page-5

Nice volt,

i am sooo looking forward to upcoming price action, as I want to confirm or deny that we are in a downtrend on the daily.

we get above 4670 odd (the last "lower high" on the daily) and I have to consider that the daily downtrend is over, and this would mean price is also getting back above the "nickline" of the three peaked price pattern formed from oct09 through to may10.

Perwsonally with price action and market reaction to news at the moment, I "beleive" we are in a downtrend, far from resolved yet.

Just on the MACD stuff, I still have no buy signal on the daily, and "beleive" the weeekly "needs" to get the stochastics down to oversold before we can consider a "true" downtrend completion.

What I "beleive" matters not to the market though.

Regarding your downside targets...I have two things of my own at the moment that suggest 4000 is not necessarily the low if theis daily downtrend continues... actually three if Hotfires Three peak domed house pattern is included.

So these are:

Daily histogram target, non conservative gives me around 3640 odd for a low

Peak to neckline of three peaked pattern subtracted from neckline gives around 3870 for a low

Three peaked domed house point 10 gives a low around 3700.

These are all IG chart based figures so give or take 20 points is fair I think.

;)



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