Two weeks of choppy price action has begun to look more like accumulation than distribution, implying this vehicle could take off without first deferring to the 116.69 correction target I flagged here earlier. Friday’s move was bullishly impulsive on the hourly chart, projecting most immediately to 120.78. The 119.94 midpoint resistance with which it is associated has been slightly exceeded Sunday night (see inset), but not yet by enough that we should regard 120.78 as a done deal. Whatever the case, I’m not keen on chasing this vehicle higher, especially since its upside potential stretches into outer space. For now, unless you are scalp-trading, remain on the sidelines.
