jrintil: At the time of your post, the correction has to be viewed as not having started yet. The move needs to top out. This move has edged up a little higher than expected per the chart patterns I posted earlier this week. For now those patterns have only been breached as the price action oscillates around those resistance areas. The boyz continue to shake the tree.
On occasion, over bought conditions can be relaxed by a sideways consolidation rather than a falling consolidation. These sideways consolidations can be seen in the form of a rectangle or triangle and on rare occasions, I’ve seen them rise slightly.
I am still anticipating a retrace, but obviously it will be starting at slightly higher levels. This will adjust the retrace points I posted earlier. Since the price action has continued to edge up I’ve refrained from posting charts with updated retrace points, horizontal support/resistance and trend lines, until I am sure the pullback has begun or until I am sure the expected retrace is not going to happen...
Regards,
LG
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