The weekly trendline drawn from 215 through the recent 162 highs is now looming as a formidable obstacle. The outlook is bearish whilst we are below this line but a break above would change the picture in double-quick time so shorts are advised to keep stops tight above. We have already had a 3-wave retracement off the 162.50 high which has reached 147.60 thus far. A break below that level will naturally infer a 5th-wave is underway which will of course strengthen the bears case.
Sell rallies to 156.50 with a fairly tight stop and possible reverse. Longs should reconsider below 153.20 in the short term.
