In our last post on June 22nd, we observed short term strength and warned on possible upwards reaction. Price has in the following days accelerated from 12500 +/- to 12965. However the rise failed to hold and new lows were made today, breaking June 22nd lows at 12435 and shortly after the April lows of 12205!

We are still looking for lower numbers to come, our long awaiting targets remain in the area of 11500 +/-. Judging the structure of the current decline we might be even looking for lower numbers to come.