Yesterday I posted the interim cyclic phasing chart showing the dominant 80day (56trading days) cycle with price entering its trough. I am interpreting this as a bullish sign for now, supported by the longer term cycles shown here. Do read the weekend report (to the right of screen) for more information, but I had stated then that the 100 day trading cycle (green) had a VTL (valid trend line no.2) at about 15000 last week and that the 78.6% retracement line at 14968 was likely the confluence we were after. Fading into that area yesterday caused me some angst to say the least and I did reduce my exposure in the end, but the longs are in with a hard stop below that low. Based on what I can see, here is my EW count too. Could just do with price making it over the 15000 Daily Pivot today and maybe we see a rise in confirmation, because at the moment, everything is on tenter hooks and the price action looks bearish still. I'll be out at 15210 today if it makes it there, where my first set of bollys sit or of course my stop will be taken.
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