Watch closelyAs mentioned in my previous post, 34-34.4 represents a resistance level. If we break out this level, almost immediately, we will be hitting the multiyear downtrend line, the line connecting all the highs for the past a few years. If we cross that line, the trend line will become a neck line and the low we reached last December will be the head, we will have a huge inverse head and shoulder pattern. Very bullish indeed. Dare to dream!
But hope should not be my strategy. The reality is that this area probably represents a very strong resistance. We may not be able to break it just by one trial. In other works, we may see a pullback around this trend line. I believe it will be broken eventualy, but for now, just get ready for that to happen.