Mar12 sell pattern aprox been tracking downwards using...

Mar12 sell pattern aprox been tracking downwards using trendlines originating from high back in May11. Has climbed all the way to 200dma, and intraday, briefly under to 103.37 on Thurs.

A/U rallying well from low, and continued upward thru strong 4hr resistance on Friday, to close end of week up against one of those daily trends.

Could continue back down and step off bottom rung to reach the slightly more recent trend, originating from Jul11 peak, now at just below 50% level of 2011 range.

Sell sequence being start to finish on Jul11 peak trendlines via May11's:




However...200dma might end up dominating and prove too strong a support level on retest if any occurs. Watching correlations with other markets for clues.