We have been putting in lower highs in the short trend and we are now in the lower part of the triangle pattern with a bearish MACD and a very bearish RSI and a fear factor of only 11 indicates a weak and confused market at this time.. I think we will break to the down side taking a break at the $9500 level and perhaps fall to the $8500 before getting the strength to blast though all the heavy ressistance we need to eventually establish a up trend once again.. We need to put in a Higher high at 12k to fully start a strong long term up trend again and continue the bull run
We are still looking good with this bearish scenario. we dont set a new uptrend until we break about 10170 and even then I believe we will come back down from 10600 to retest the bottom of the triangle at 9850. We should see a break out in about 2 days. If we continue to remain in the lower part of this triangle pattern thew next 2 days then a break out to the down side is most likely and may reach 9500, if we lose that we are looking at the 8500+ levels