A bearish impulse leg on the daily chart that was followed by a downside breach of a midpoint support at 29.415 (see inset) has put the burden of proof on bulls. They could recover the high ground with an unbroken thrust exceeding peak #1, a true ‘external’ (31.535, from daily on January 2) ; and #2, an ersatz peak (at 32.600, daily chart, on December 18) will do for our purposes. Otherwise, the bearish, 27.295 target will remain theoretically valid.
