We have now reached bar 12 of an aggressive TD Sequential sell countdown. Please note that bar 13 can only form after a high greater than 1660.06.
Going forward, besides watching the aggressive sequential just mentioned, there is the Beta-X trendline and TDST support to watch. A confirmed, validated break of these levels would; of course, be bearish.
From a wave perspective … A move to a new high means that the action from May 22 is wave 2 in an upward trending pattern. A break below the April 18th low (1536.03) would imply that the rally from the 2009 low is complete as the “D” wave of an Expanding Triangle.
On any timeframe you can also use the RSI as a trend indicator. Right now the monthly, weekly and daily charts are all in uptrends. I remain wary that the rally from 2009 is complete but need more bearish evidence (as outlined in this post) before committing to that view.
