The action Friday in the context of action following the (Y) low above strongly suggests higher prices ahead in the short term. If last week's highs are cleared, a bull rally underway will be the clear favorite count. If this does not occur, a sideways correction underway is probable.
The structure of the decline following the May high looks corrective. In addition, a continuation of the rally since March 2009 looks most probable for better proportionality between the impulse legs of the zigzag that began at that time.
Note:
There will be more infrequent or shorter updates on this blog moving forward. I will also be in Europe for most of June.
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