Great start for the rally yesterday. It went up faster then I was expecting it to but never the less it broke out of the falling channel that it's been in since the start of April. Now the tough part... how high and how long does this last? I'll say that at the rate it's going up it will reach 4200 pretty quickly, so I'm really going to be focused more on "time" and not price.
This bullish strength should continue all of next week I think, which could be some kind of choppy range above 4100 and below 4300 or it could be a steady grind up to that falling dark red trendline just under 4500 now. It's really hard too know for sure but the point here is that the lows are in for now and we should be going up for at least another week or so.
Once enough time has passed and we are up into resistance we can then look to see if we are going to get that big drop to make another lower low that I've talked about earlier this week.
While right now suggests we are only in a bounce mode that could change of course. Let's take it one day at a time for now, which is long and strong in my opinion. As for today I'd expect more upside as we go into a 3 day holiday for Memorial Day. Have a great extended weekend.