Comment: Having retraced almost half of last year’s decline from nearly a record high, this year’s rally might well take a breather. Dips towards the lower edge of the neat ‘channel’ and the moving averages are however seen as buying opportunities for a break above the top of the massive weekly Ichimoku ‘cloud’ next year. This will hopefully lead to another neat leg up to $2,600 (61% retracement) and probably $2,8000 if enough momentum builds. Note that this is still well off the record high of just over $3,500 set in 1988.
A monthly close below $2000 would force us to review.
