Up Date A$ 6/1/11

OK ...we have made the retrace almost down to the 75% level ( @ 9856 ). and level with the previous buying tail.It has regestered 20 half Hr bars at 9920 which is probably enough to suggest that the down side is over for now in the medium term.The red bars show that at these levels the volume is quite high , and that indicates that at these levels the larger commercial intrests are prepared to participate in the market.The bulk of the current range is between 9955 and 9890.I think the play here is to fade these levels with caution.The reference points 1. // 3. indicate that there is a possibility that bearish sentiment could prevail ..and untill the we accept prices above the 50 % retrace level 9964( and ref point 1.)we have to be prepared for further falls.However also refering to the background is that buying tail ..I would'nt be entertaining longs if thats taken out.