After studying the pattern in this channel I determined that the angle of rebound from the bottom channel line resulted in a 57-77 degree advance, with 60 degrees being the average.
Assuming we stay flat in a 10-20 range we will hit bottom channel on 7/18. The rebound from there should take us to 730 at the mid-line, which has provided resistance/support 3 times since it has been in play. Beyond there, we are looking at a 850-60 target at the top of the channel. The 720 area also played resistance in March and support in February.
This channel has been very accurate over an extended period time. In my opinion a break of this lower channel would be catastrophic.
Price is also around the weekly pivot which further provides support for a rebound from lower channel.
Assuming we stay flat in a 10-20 range we will hit bottom channel on 7/18. The rebound from there should take us to 730 at the mid-line, which has provided resistance/support 3 times since it has been in play. Beyond there, we are looking at a 850-60 target at the top of the channel. The 720 area also played resistance in March and support in February.
This channel has been very accurate over an extended period time. In my opinion a break of this lower channel would be catastrophic.
Price is also around the weekly pivot which further provides support for a rebound from lower channel.