Here is a probable bear per predictive/forecasting model, eyeing the following set of numerical and nominal targets:
PREDICTIVE ANALYSIS/FORECASTING:
1 - TG-1 = 1.50074 - 22 JAN 2015
2 - TG-Lo = 1.49429 - 22 JAN 2015
and
3 - TG-Lox = 1.48907 - 22 JAN 2015
ADVANCED PATTERN ANALYSIS:
Note that the current background geometry consists of a potential Elliott Wave Ending Diagonal ("ED") versus Bill Wolfe's Wolfe Waves pattern ("WW").
Either of these patterns have a signature "under-throw" potential which is capable to bring a terminal 5th wave (GREY colored, as it remains pending) down to the depths defined by the predictive model.
As you may recall, the numerical targets (i.e.: TG-1, TG-2, ... TG-n) represent high-probable levels defining future R/S or pivot levels, whereas the nominal targets (i.e.: TG-Hi, TG-Lo, and there associated extremes: TG-Lox and TG-Hix) are low-probability attainment level which very high probability reversal (i.e.: retracement greater than 0.618-Fibonacci values).
Note that the Wolfe Wave will seek validation of Point-5 along the 1-3 Line, but that its most common morphology will strain price to levels beyond this 1-3 Line, seeking validation of the 2-4 Line which has been copied and transposed off of Point-3 (Dashed BLUE Line).
IF and ONCE this dashed line is hit, a reversal towards a minimal pf Point-4 level would then be sought. Higher levels are also targets, which would be best defined by the extension of the 1-4 Line (Take=Profit Line), not drawn just as yet in this chart.
Appreciate your readership and support.
David Alcindor Predictive Analysis & Forecasting Denver, Colorado - USA