This is the update to my June 12th post.

The latest uptrend started on June 8th, went up to R2 and turned down, and two days ago, it broke below the new S1.  This means that uptrend is definitely over.  We see, in the upper pane of this chart, that the MFI (the volume weighted RSI) didn’t even get into overbought territory before turning down.  I think this means that for now, we’re in a sideways consolidation.  A new trend wouldn’t be definitively indicated unless and until price breaks out of the range established by the June 8th and June 21st trading.

On the intermediate term (weekly bars chart) and long term (monthly bars chart), we’re still in new downtrends, with nothing much changed on those charts since I last updated them.

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