We held the double bottom to make the second right shoulder of the inverted head and shoulders pattern yesterday and rallied nicely. The RSI and MACD on the 6hr chart have plenty of room to go higher, but I'm sure the market will have some trouble breaking out when it reaches a quadruple top, so a pullback of some degree is likely this week.
The new all time could happen anytime after that pullback, and that might be this Thursday or Friday... possibly even next Monday or Tuesday. But cycles point to this week being the last week of strength for the bulls as the bears should be taking over soon, and will control the rest of February.
For the short term, I'm looking for move up to around 6135-6145 to squeeze out the trapped bears. Once done I'd expect to see a pullback for a day at most, and probably not more then half the entire move up... which would be back down to the 6050 zone where the gap down was at. That move should trap the bears and provide the fuel to make a new all time by early next week.
Have a blessed day.
