There is everything to like about the bullish pattern shown, and so it remains only for the futures to push above the 16.723 midpoint pivot in order to energize bulls for a further push to at least 17.375. An easy move through either of those pivots would portend still higher prices — potentially as high as 18.725 before the rally cycle begun on November 30 from 14.155 has burned itself out. Alternatively, a downdraft that touches 15.500 would generate a bearish impulse leg on the hourly chart. Although that would be cause for discouragement, it would not necessarily be reason to despair.
