General overview for 09/06/2015:
The larger time frame charts are close to reveal some of the possibilities soon as the market approaches important levels. There are two possible scenarios here: bullish and very bearish. The most important is to look at the levels to see which count will be invalidated soon, specially on daily time frame. Moreover, the building bearish divergence is suggesting a possible sell-off soon, but the degree of the cycle is yet unknown: it might be either the end of the whole cycle or just an internal sub – wave progression corrective leg down. Please notice , that first top confirmation comes with the level of 115.00 break out and of course channel break out as well. Without this kind of price action we can not be 100% sure that the long term top is in place.