The orange bar has become a since 2011, and this trend has held up to now. With that being said, both the and bottomed out in 2013, yet we've seen consistently lower prices since then. We also seem to have started a new bull trend since this bottom as well, hitting higher lows on the for each drop in price.
We look towards 2017 as the year we can finally break this orange trend-line established over 5 years ago, as the and are pointing us towards another re-test.
I will not only be watching the $1200 level (which has been a key transition area for years), however I will also be watching the $1270-1300 level, as this would be the retest level for the orange bar.
Europe didn't sell off before close, so they must be feeling confident that the US market will carry this forward.
We must now wait until the US market opens to see how they play this with some real volume.
Good trading to everyone!!