the last two monthly cycles off the march 2009 low,  lasted 16 and 15 months from bottom to bottom.
the last was 10 months up and 5 months down. we now 7 months into this recent uptrend.

On the weekly we are supported by the trend line from the October 2011 low.
trade pressures are extended and overbot, as they have been for some time. But now the time pressures have turned down.

the daily short entry was triggered at 1384. with the first target at 1332, which corresponds to the March lows.
we have moved into upward time pressures which suggest a more sideways movement rather than a volatile, immediate move down.

a close above 1374 would allow a long trade with tight stops.