Although it was an uptrending month we also saw a hesitation in the strong bear market rally from the March low – we closed June at virtually the identical level that we ended May. This is the second month in a row where we have failed to close above the 923-930 target range calculated at the end of May.
The monthly chart perfected its TD Buy Setup in February. Since countertrend rallies usually only last about 4 price bars in time we have reached the period when we need to watch for the resumption of the downtrend. As you know the weekly chart has turned towards the bearish side; I will update that chart tomorrow.
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