This vehicle continues to hold our attention, albeit barely, by tracing out ups and downs with the tiresome predictability of a soap opera. We’ve learned not to get stirred up too much by rallies like the one that occurred last week, but neither do we want to get caught unawares if it keeps going. What is most interesting about the rally is its precise failure at the 26.02 midpoint pivot of the pattern shown. This not only validated the pattern itself and its 27.45 target, it also gave us a threshold (i.e., 26.02) above which a rally to the target would become an odds-on bet. _______ UPDATE (June 25, 12:31 a.m. EDT): Just a little bit lower — specifically, a print beneath the 24.42 low recorded on May 7 — and the daily chart will turn bearish impulsive for the first time since February.
