why I think it would drop:
Price is exhausted reaching Median Line as shown in this chart
http://www.forexfactory.com/showpost...postcount=3849
Fib Projection
50% time projection from LOW to LOW
Second Major Divergence
Weak Momentum (smaller candles going up)
Spike/ pin going south, bear strength indicated, which is now taken out
ABC wave count
blah..blah..blah
All fib levels in chart 1 were made from impulse wave of January 10th low.
Downtrend projection in chart 2, if resumes, is the red fibs which target the Median Line @ 1.3193 which also is around 1.618 time projection from last swing high. Future diagonal S/R already drawn with Pitchfork Grid, which helps me not to draw new channels every so often
If it ever breaks and close above the red upper median line (UML) price continues going UP.
We'll see how it plays out...
ant-