Weekly Chart Update - 2 Feb 11

     Yesterday we saw that the monthly chart remains in a bullish position. On the weekly chart (shown above) we are waiting for a weekly price flip (close less than the close 4 weeks ago) to trigger the combo 13 bar. I have also superimposed the TD Wave count from the daily chart as well as the Level 1 (orange) and Level 2 (blue) TD Lines. Note that the level 1 line is tracking the short (red) moving average closely.
     Finally, I have also drawn in the price level (horizontal dashed purple line) where we would need to close under (1271.5) to get the weekly price flip. Interesting that it coincides with the location of the Level 1 Demand Line.
     Bottom Line: This chart needs to be monitored for a price flip and TD Demand Line break. The daily chart should be monitored for a potential TD Wave 5 completion. Until, at a minimum, any of those things occur the weekly chart, like the monthly, remains in a bullish position.