- We last updated our chart on Bar 1 where we mentioned supply is overcoming demand
- Subsequently it went to a low of 1540.90 (Bar 2)
- This sharp acceleration created a temporary selling climax (selling exhausted at the moment, no more sellers in town at the moment)
- Subsequently it closed at 1580.53, slightly short of the 1/2 way retracement (Bar 3)
- We still hold our bearish view as before and the next few bars will confirm or contradict our analysis