[B]Last Price: 84.11
Posted On: Jun 11th 2007 01:53:00 EST | 06:53:00 GMT
65% Probable: Attempting to form a potentially important short-term high; CRITICAL 84.80 & 82.83 [/B]
BOTTOM LINE :::A short-term high appears at hand.
Attainment of the initial target at 84.80, a bearish momentum divergence in the daily time frame and a seemingly completed rally pattern from 81.60 are all indications that wave v - or its initial leg up - is topping out. A “normal” correction would initially target the 83.20-56 / 82.83 supports before anything else happens; and further continuation below those areas will suggest that wave 4 down towards the 80.65-81.60 fibo and structural short-term supports was already underway. Back-up resistance, if needed, is located at 85.14 / 85.91-86.08.
In the daily time frame, it is about time to eliminate the bearish alternate and to acknowledge that the intermediate wave B[/B] has further to go,