Hi Pic:

I enjoy your posts and often find them informative. However, I do feel prompted to comment on statements like this one which resembles the kind of stuff many analysts put out. It sounds quite erudite until you attempt to summarize it in plain language.

"Holding well above the extreme lows of yesterday will build a base and we need to make higher highs and higher lows from here. If it does not do so, then we can expects tests of yesterday's lows or new lows."

I believe it would be safe to say that this means "If prices don't go up they will probably go down."

Cheers!