Nothing really dramatic changed in our views on this chart although the move to the downside is less steep than we were expecting initially. Price basically made a sideways move during the week with a long tailed 'hammer' on the weekly chart (not displayed). A 'hammer' is an indication that the end of the move down is imminent so that is something to keep an eye on. Another thing that is interesting to keep an eye on is the development of the during the coming week or 10 days and see how much contraction we will see developing there.
We keep the bear scenario alive although we anticipate further move to the upside during the rest of this week or ten days to the 3175/3200 level from where we expect price to reverse back down and resume its decline. We have adjusted our chart accordingly.