It has been about two weeks since our last update, as we have been on a business trip. In our last post, we have been looking for a top to form at 13800 +/-, the top was ticked at 13680. Since then, every level lower only confirmed our bearish views, today prices have broken 12510 and ticked so far 12435.

Our primary view, is still looking for the price to drift lower. That said, there are few short-term indications that price decline might have been exhausted.

At this juncture, I would treat the price action with caution. An accelaration of prices lower will confirm we are heading 11500 +/-and possibly lower.