The 7 month triangle breakout is now followed by a 2014 breakout and this is all unfolding as an impulsive Elliott wave rally. From a momentum perspective, there is no divergence and it is less common to see prices meaningfully top without a negative RSI divergence. Finally, there is no upside resistance as the 1998 monthly downtrend was broken at 104.84. Major support is now 105.44. (daily) S/t, the 60min chart is forming a bullish triangle consolidation; the coil projects to 107.90. Near-term support is 106.70/50 and then 105.71/44. The triangle idea is negated below 107. (60min) Conviction: Med/High Levels: Support – 106.70/50, 105.71, 105.44 Resistance – 107.40, 109.18
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