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A fall back to test the secular trend followed. Since no extended breakdown ensued, a sideways range has been in place ever since. There is a large saucer shaped pattern between $1060 and $1420, which characterizes price accumulation. Our momentum studies also remain in a bearish holding pattern between 20-60%. The expectation is that the top end of both price and momentum ranges will be overcome in due course, triggering a move to $1670 and $1800, under the old record highs at $1950.
A fall back to test the secular trend followed. Since no extended breakdown ensued, a sideways range has been in place ever since. There is a large saucer shaped pattern between $1060 and $1420, which characterizes price accumulation. Our momentum studies also remain in a bearish holding pattern between 20-60%. The expectation is that the top end of both price and momentum ranges will be overcome in due course, triggering a move to $1670 and $1800, under the old record highs at $1950.