Not much has changed over the past couple of days. I have added the TD Trend Factor target (purple line at 1614.62). Note it is in the SLOT (the 50-78.6% retracement area which I have drawn as a box on today’s chart) with the next larger Beta-X trendline (in orange). A close beneath this line will raise the chances significantly that the trending impulse pattern from last November is complete.
I am also watching for a possible bullish divergence between price and the RSI here. Any such development would mark the end of wave 3 or C from the August 2 high.
Another item of interest from the daily chart:
1) RSI (top pane). We have now had two readings below 38. This lends credence to the view that the August high completed a trending impulse pattern from November 2012 AND that the daily chart is in bear mode.
Bottom Line: The chart is bearish. Let’s see how it develops over the coming days.
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