I do not propose to assume I know whether that move will by up or down, but I do know this:
*If we fall out south of that giant pennant this bear market will continue through this year into next. I would expect the next bounce @ $5600. If that holds, great... we go sideways though the rest of the year as a yo-yo swinging between 5600 and 8K till the bears hibernate. If not, next hard bounce @ $4700. *If we break north all the way through the cloud on the ichimoku cloud on the daily (settings 20,60,120,30) we will break last years high before November then hopefully just go much less parabolic going forward.
As always, it saddens me to do this but I must remind you I am just a Furry Faced Asshole On The Internet. It would be VERY unwise to make financial decisions based on my opinion.