Here are the daily and weekly bars charts updated from a week ago.  On the daily chart, the first one here, we see that the negative news out of Libya sharply dropped the market, with price breaking down through both the new S2 and S1.  This means that the uptrend that started Jan. 31st has abruptly ended.  Thursday was a sharp Doji reversal candle, with price moving up strongly on resumed volume on Friday.  With such an action, one would expect that price had hit strong support on Thursday, but on this chart we don’t see any support at Thursday’s low.

The situation becomes clear upon switching to the weekly bars chart, the second chart here.  I’ve launched S3 from the late January pullback, and that exactly supported this past week’s price plunge.  Furthermore, we see that the TopFinder, which was originally fit to the early December low, is now also fitting perfectly to last week’s low.  This action strongly reinforces the validity of this TopFinder, which is now 84.75% complete.  It looks like we still have a few more weeks to go before its end.

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