Friday’s blitzkrieg rally capped a whole month of gingerly stair-stepping. Would you believe that all of it did not push the futures past a single ‘external’ peak on the daily chart, let alone generate an impulse leg? The good news is that it would require a further push of just 82 cents to create a quite promising one. The chart (see inset) clarifies this with a peak I’ve circled at 21.74 that was recorded at the end of June. It may not look like much, but it is as significant technically as most of the more obvious peaks on the chart. I’ve set an alert there, and bulls should take heart if it gets triggered this week (the earlier the better). _______ UPDATE (Nov 10, 8:33 p.m.): The futures topped almost exactly at the 21.90 target I posted in the chat room at 8:44 a.m., so they are due for a rest. However, the subsequent pullback has been shallow so far, implying bulls are still revved up. They will have their work cut out for them trying to make headway over the next few days, though, since the uptrend has entered a thick band of supply deposited last spring between 21.72 and 22.76 (corrected) . We’ll be better able to judge the staying power of the rally once we’ve seen how it fares ‘in the zone’.