The 15% rally that has unfolded since December 29 is still just noise on the hourly chart, no more than a dueling offset to the robustly bearish impulse leg created that day with a bottom at 26.85. Looking ahead, there are just three benchmarks that will matter for bulls: 32.69, 34.36 and 36.50. Merely exceeding them will not be enough, either. What is needed is an upthrust that gets past the first two without much difficulty. We await the effort, but until it succeeds, a major downside target at 20.72 (HP midpoint=29.05) will remain very much in play.
