|Week Commencing 2014|
- Bullish Confirmation Levels: M 1434 / W 1392 / D 1346
- Bearish Confirmation Levels: M1179. / W 1181 / D 1240
- Current MAP Wave Count: c-3 of d-1 of D-3 of W-3 of M-5 of Q4
WC18: Last weeks low broke the reaming bullish potential MLL and so now the final possibility is the it SP holds, which is shown on the chart. Prices made neither a new high nor low which means that we have smaller fractal wave formation of m-1 and m-2. This week prices are projected to make a further sub wave division followed by a lower low. WC11; Price movement has been within projected parameters and the bullish case has been extremely weakened by recent price action. The current 3 W012 channels are shown below and prices are struggling to stay above the upper channel ML, and if the current 4th support does not hold are expected to retest the central channel ML where support held for D-1. A retest failure of the upper channel ML will confirm the downtrend if the daily bearish confirmation at 1240 is not touched.