As you can see what we would be looking at in this current uptrend historically is where it is in relation to a 62% retracement from the last uptrend. It looks as though we are approaching that 62% again but the difference here is that if it gets to that level it could be simultaneously crossing the upper trendline that acts as resistance. If it breaks that trendline while meddling with the 62% we could see a reversal of this pattern of always reaching the 62 and falling because breaking that upper trendline would be massive bull signal as well as in the event that it turns into support we could be going much higher.
If we breakout from here to the upside:
Target $11,300
If we are rejected from here
Target $5,800
If we breakout from here to the upside:
Target $11,300
If we are rejected from here
Target $5,800
