The Panamax index remains in bearish territory and is now testing the 200 period MA. With the RSI below 50 and the stochastic in overbought territory we have the potential to see some form of momentum slowdown.
The December futures look like they have produced a 5-wave impulse move, but it is not (not yet anyway). Momentum is overbought, if technical support is broken at USD 11,554 it is likely to be a 3-wave corrective pattern within a bear move. However, if it holds it is likely to form a 5-wave bull impulse move.