Has many levels yet to be taken out. The 1.70 mark is the mid term down trend line. The long term is 2.10 area of course this will come down each day as we progress towards it. I suspect the 200 DMA and the long term trend will be close enough to be the same when we take it out. The 50 day is very encouraging. If we superimpose this onto John Murphy's 13 34 MDA some very interesting developments come together. Couple this with more news releases, failing financial markets, BNN stating "Gold is becoming a safe haven" Denis didn't change his mind this time and sell at the bottom (again). I reiterate no gaps to challenge the traders this time.

http://stockcharts.com/h-sc/ui?s=ECU...

Side note OT: I was looking at Jim Sinclare's site this morning and noted Dan's charts of the banks. My take for what its worth.

1) The banks were the Bubble this time around, all the while they are screaming the commodities are a bubble; well before we even started moving. Will the investors now realize what just happened?

2) Goldman Sachs ( the Cadi of banks) hasn't been hurt much yet. They are in a down trend. I suspect the bankong investors are moving their money over to GS. This will keep them above the others for a while "but" for how long?

3) I havent heard any thing from main stream about the H/S formation on the DOW. It is obvious

http://stockcharts.com/h-sc/ui?s=$IN...

4) And the TSE is in correction mode because a heavy hitter RIM went "OUCH"

http://stockcharts.com/h-sc/ui?s=$TS...

These are my reasons why next week and this summer will be very active. The tension and volatility will be great. Sitting on the sidelines after the losses in the financial sector and the gains in materials yet to made will be to much for average Joe.

These are my opinions only

Reg Mills