From last week,
Use 154.50 as the swing point for the week.
Above it, with 154.50 being 23.6% of the contract high and low, the long term target is new highs for the year, or a good run at the area of 78.6% at 160.20 and the 160.59 major Gann square. The short term target is 38.2% of the current break at 157.22, any rally that fails to get above here is a negative sign and new lows can follow.
The big rally from the 23.6% retracement at 154.50 has now taken it to the target area of 160.20 and 160.59.
With 160.20 being a 78.6% retracement, the target on a setback from here is 78.6% the other way at 155.75 based on the ONE44 78.6% rule. It can still trade up to the 160.59 major Gann square, but as long as it closes below 160.20 you can look for that target. As always we watch all the retracements on every move regardless of the longer term target and any setback that holds 38.2% of the move at 158.04 keeps the current trend positive and new highs can follow, this level is also a major Gann square.
On a failure to turn lower from 160.20 and a close above the 160.59 major Gann square look for new contract highs and then the 164.17 major Gann square.
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