" There is also a pattern within the Weekly cycle that often forewarns more weakness" (Previous Monthly Report)
As we can see in the above chart, the Weekly breakout pattern at the start of the previous month has seen the market follow the 'Dilernia Principle" of Break and Extend pattern downward into the following Weekly lows and now more than likely follow the trend down into the July Lows.
Normally in Primary Bull Trends the July low is a pattern to keep an eye to capture the next wave upwards, however the Secondary Cycle (Quarterly/Yellow) is showing weakness, as it's trading below 5547.
Most markets are waiting on Greece being saved or kicked out, if it's the latter then the potential move for the rest of the year is down towards 5172 and then continue lower into the 2016 lows.
A July low bounce and move back above 5547 should see another rise upwards into the end of the year, even though commodity prices are showing weakness. (READ US Report & Gold Report)
