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The reversal upwards from March lows and the higher move on Tuesday has pushed price back into the 3-Weekly cycle highs @ 5464.

In 'Bear' Markets price won't spend much time above 5464, and the failure around that high yesterday is an important level and reference point.

5464 could end up being a major resistance level for many weeks, and that will only change once there is a 'Friday' close above that level.

In the last down-trend in 2002-2003, the Weekly cycles defined the overall down trend of the market....And it was until 2003 (double Yearly low pattern) that the Weekly cycles defined the UP trend reversal in March 2003

If and when price closes above 5464 on a 'Friday', only then we can look at the market in a different light, but at this stage I still favour global markets are heading lower in each Quarterly timeframe until the Yearly lows are reached in 2008...

In My opinion the next 3-months looks like a major consolidating sideways pattern.....

<blockquote data-quote="Frank D" data-source="post: 275556" data-attributes="member: 4896">The reversal upwards from March lows and the higher move on Tuesday has pushed price back into the 3-Weekly cycle highs @ 5464.In &#039;Bear&#039; Markets price won&#039;t spend much time above 5464, and the failure around that high yesterday is an important level and reference point.5464 could end up being a major resistance level for many weeks, and that will only change once there is a &#039;Friday&#039; close above that level.&nbsp;In the last down-trend in 2002-2003, the Weekly cycles defined the overall down trend of the market....And it was until 2003 (double Yearly low pattern) that the Weekly cycles defined the UP trend reversal in March 2003If and when price closes above 5464 on a &#039;Friday&#039;, only then we can look at the market in a different light, but at this stage I still favour global markets are heading lower in each Quarterly timeframe until the Yearly lows are reached in 2008...In My opinion the next 3-months looks like a major consolidating sideways&nbsp; pattern.....</blockquote>

[QUOTE="Frank D, post: 275556, member: 4896"] The reversal upwards from March lows and the higher move on Tuesday has pushed price back into the 3-Weekly cycle highs @ 5464. In 'Bear' Markets price won't spend much time above 5464, and the failure around that high yesterday is an important level and reference point. 5464 could end up being a major resistance level for many weeks, and that will only change once there is a 'Friday' close above that level. In the last down-trend in 2002-2003, the Weekly cycles defined the overall down trend of the market....And it was until 2003 (double Yearly low pattern) that the Weekly cycles defined the UP trend reversal in March 2003 [B]If and when price closes above 5464 on a 'Friday', only then we can look at the market in a different light[/B], but at this stage I still favour global markets are heading lower in each Quarterly timeframe until the Yearly lows are reached in 2008... [B]In My opinion the next 3-months looks like a major consolidating sideways pattern.....[/B] [/QUOTE]

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