After two impulse events coinciding with the opening of American markets the previous two days, last night failed to repeat. The market is somewhat subdued and is in a holding pattern fluctuating barely $100 for the last 24 hrs. This may be in part to the wait and see approach from the bulls and the strong resistance from the MA 50 and MA 200 directly over the daily chart. Yesterday closed with a shooting star doji and signals a reversal is imminent. As i write it has dropped out of the channel from $9000 to $8750 which further confirms entry into a 4th wave correction which should retrace to the $8500-$8700, before the next wave up. I am in neutral position and will wait for the market reaction in the next 12 hours