Still watching the 7th July - we are currently in between the 17th June Low and 28th June minor Top so we dont really have a clear sense of direction at present which can sometimes be the case with these minor Cycles . Ideally I would like to see a counter trend Top come in over the next two days and to achieve this price will have to trade higher than the 28th June Top which is a strong resistance point at 344 Deg 59" but we could always close just above this point which would qualify the counter trend Top setup but I am being selective and waiting a few days for that outcome to possibly occur otherwise I will wait till the primary Cycle due on the 14th July. At this point the 14th July looks like it could be main Low with the convergence of three Cycles into this date so this should be a key date across several equity markets so watch with interest how price moves into this date and because it is a larger Cycle we should have a clearer indication and pattern of trend into this date . Present market is rangebound but we could spike up quite quickly or down as well and as outlined the ideal outcome I am looking for is a counter trend top above 3945.86 to qualify the 7th June minor Cycle and if that scenario sets up over the next two days it could be a good short but we will have to wait for the market to confirm its path or alternatively if this scenario doesnt play out we could wait for main Low around the 15th July
In the notes below I have outlined two price Curves containing three dates for the month of July - all of the dates are the same in both examples and there are two scenarios presented .
Curve No 1 indicates Low into the 6th July then up till the 14th July for an eight day move then down into the 25th July for Low for an 11 day move down .
Curve No 2 indicates Low for the 12th June then up till the 6th July for counter trend Top then down till the 14th July for main Low then up till the 25th July for another Top . My suggestion would be to wait till the 6th July and see how we are moving into that point and then we should be able to determine if the market is setting up for either Bottom or counter trend Top into that date and once Curve 1 or 2 is confirmed we can trade out of the Cycle date in the prevailing direction of the trend up till the next key date . If you are short already you could see how the market opens on Monday and it may be prudent to to take some profits and await the 6th July to approach .
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