It tells me that LOLR is up. However, there is a short term overbought condition that may present a good opp for a long Rev trade should price come back to the mp zone. Will await the ON action to see whether there is any short term S that may provide a base for long operations should buyers remain in control tomorrow.
The LOLR remains up through ON action, although the recent sell down from 35 is testing S, as seen on this chart: http://www.sierrachart.com/image.php?l=1379594396902.png Since price is in new territory, the only lateral S levels are from recent action. Since the LOLR up thesis is strong, these may present a good opp for long Rev trades. Of these, the 3208 level is most important since it is the mp of upwave + SL + SH zone from 16th. http://www.sierrachart.com/image.php?l=1379594575159.png
Looks like $ is creating a mini-range bet 28.5 and 31.5. If this continues to the open, consider trading the first retracement in a breakout through either side. If it doesn't go, scratch immediately.
Nice call! I took a long off the DB at 28 but exited on adverse movement. Then, hesitated to get in on the HL's and thus missed the strength back to the highs of 35.