Prepared by Jamie Saettele, CMT
The latest surge may be just the completion of a correction (flat) that began at the May low. The recent advance stalled shy of a trendline that extends off of the 2010 highs and more importantly the 2011 high of 10106. While another run at the recent high cannot be ruled out, price is vulnerable when viewed in a longer term context. Exceeding the January high of 10105 would trigger an intra-year reversal and shift focus to the November 2010 high of 10375.