by David G. Hawkins

Although the middle of the month isn’t for two more days, I’m doing this post now so that it is at the end of a week and the weekly bars chart will have a complete bar for its most recent bar.

Short Term – Daily Bars Chart

The first chart here is the daily bars chart.  In my last post I noted that this chart was showing a robust uptrend, with a TopFinder that was about 3/4 done.  We see here that that TF has completed, and indeed the uptrend itself topped out two weeks earlier.  Price then fell back, but found quite remarkable support at the R1 curve.  Here is another one of these awe-inspiring performances by a Midas curve.  In the midst of all the volatility in the market, price came down to and smartly bounce up off this well established curve, and has remained above it.  Price is also breaking the resistance launched from the top of this last trend, so, even though price is in what looks like a sloppy sideways consolidation, by holding support and breaking resistance, it’s giving some indication that the follow-on move will probably be to the up side.

Intermediate Term – Weekly Bars Chart

The second chart here is the weekly bars chart.  In my last post, I noted that price was in a strong new uptrend.  Now we see that over the last two weeks there was a minor pullback, so I’ve fitted a TopFinder to that pullback, and it’s currently 63.5% done, with its projected end at the horizontal location of the dashed vertical purple line.

Overall, even though the ongoing European financial crises are daily roiling the market, we see that Midas analysis continues to give meaningful tracking information to what’s going on.

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