First obstacle to new downtrend is the uptrend channel floor - imminently. 2013-08-07 at 00:51 BST

The first obstacle to new developing steep downtrend is floor of the uptrend channel that is defined perhaps by the $1180 low. Actually I drew a pitchfork from the second low, which seemed to work out nicely, so there are two possible channel floors.

Anyway, the current price is quite close to both of these candidates for the channel floor. If it breaks down through there, then the uptrend since the $1180 low could be over.

 

I never did like that uptrend channel anyway. I could not find an Andrews pitchfork to fit, well, so below I have drawn perhaps a better uptrend channel between the $1180 low and the next higher low together with a parallel between the highs that fits OK:

 

 

In this case, the uptrend since 28th June has already broken down and the channel floor has already been tested as resistance. Oops!