We can’t be pleased that the most recent rally cycle, which peaked last Thursday at 30.55, failed by just 0.22 points to surpass an important ‘external’ high at 30.76 recorded on December 2. That could of course be remedied with a strong upthrust in the days ahead, but before we break out the bubbly let’s insist that bulls conquer yet another ‘external’ peak for good measure — the 32.61 high notched on November 11. More immediately, I’d look for a bullish turn from 27.71, the ‘D’ target of the correction begun from 30.55 last Thursday. On the 30-minute chart, the coordinates are A=30.55, B=28.65 (Feb 7) and C=29.61 (Feb 7).
