Price has set itself a beautiful expanding channel pattern with an accompanying ABCDE corrective sequence. As price currently sets on (E), we should see price slump down further
The bear scenario is only accepted once price has broken and closed over the hourly trend-line
Price is set to head for the 1190 area, while anything over the 1230.5 level is considered invalid
We weren't happy with the way price was stalking higher, however in the end the analysis was correct and that is just as good for the heart!