Monthly
Points of interest 'A' and 'B'. A similar pattern in price, TRIX, and Stoch with the key difference in the DMI. With 'A', the DMI is bullish which I believe limited the downward movement of price and kept the TRIX above 0 which formed the based for the ensuing bull run. With 'B', the DMI is bearish and the ADX, in the past 2 months, has begun to trend up (indicating a strengthening in the down trend). In the time frame since 1990, 39.91 and 27.29'ish has provided good support. The question is, will price challenge these two lines again and if so, when. I believe both will be challenged during the course of the next 3 years but it will be a very volatile time for price. I've added an Elliott Wave interpretation to the chart. I believe that we've just finished wave (B) of a 5 wave descending triangle that makes up wave 'V' of (C that will terminate the correction that began in March 2009.
Weekly
Current support lines include 44.15/41.37/36.62 with 1999 -> 2003 generated lines at 28.50 thru 24.90.
Indicators are appearing to turn down with bearish follow-thru but this week will be key if price is to drive lower toward monthly scenario above
Daily
Previous support of 45.91 is now acting as resistance. A hold of price here (on close) and price should continue down.
Next support lines are 44.93 and 43.60
As with weekly, the indicators are bearish which imply more downside to price this week.
Points of interest 'A' and 'B'. A similar pattern in price, TRIX, and Stoch with the key difference in the DMI. With 'A', the DMI is bullish which I believe limited the downward movement of price and kept the TRIX above 0 which formed the based for the ensuing bull run. With 'B', the DMI is bearish and the ADX, in the past 2 months, has begun to trend up (indicating a strengthening in the down trend). In the time frame since 1990, 39.91 and 27.29'ish has provided good support. The question is, will price challenge these two lines again and if so, when. I believe both will be challenged during the course of the next 3 years but it will be a very volatile time for price. I've added an Elliott Wave interpretation to the chart. I believe that we've just finished wave (B) of a 5 wave descending triangle that makes up wave 'V' of (C that will terminate the correction that began in March 2009.
Weekly
Indicators are appearing to turn down with bearish follow-thru but this week will be key if price is to drive lower toward monthly scenario above
Daily
Next support lines are 44.93 and 43.60
As with weekly, the indicators are bearish which imply more downside to price this week.
