The only new development this week is that the recent low might mark the end of the Medium-level Beta pulse. If so, and if our contention that this chart remains bearish is correct, the Delta pulse up should fail to retrace back to the August 2 high.
After failing to retrace back to the high, the next bearish development would be to confirm that the August 2 high also marked the end of the green level Y pulse (and hence wave 5 in the trending impulse pattern from the November 2012 low) by having price fall back below the new Beta pulse low at 1627.47. A close below the Beta-X trendline (shown in blue) would provide further confirmation that the rally from the November 2012 low is complete.
Finally, note that the June 2013 low must still be broken in order to show the TD D-Wave Triple Three count (presented in the recent series of postings on waves) as complete. Please note that the wave count shown on the chart is not that D-Wave count but instead one based heavily on my price pulse work. I use the D-Wave count in a corroborating role.
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