Last January 29th, I defined potential long-term targets at 474.07 and 403.15, given a cautionary overhead resistance characterized in the chart by the pink-colored range. In the interim, price has mounted a force as it continues to strive to that range.
As of today, a short-term market reversal confirmation occurred, also signaling confirmation in support of a price action challenging the 565.79/565.84 range (originally, the band ranging values may have differed by a few pips, but not significantly).
The upper range value falls in line with a value generated by my predictive analysis and forecasting system, thus adding credence to this developing relief rallying scenario underway.
At this point, expect price to rally to a high-probability target, namely:
"TG-1 = 566.16 - 27 MAR 2014".
However, the overarching directional tone continues to overcast a light in the longer-term prospect, unless price broke and closed above the 575.14 structure, in which case, bears should become concerned.
Given this interim technical turn of event, I am switching the directional "light" to "LONG" for the interest of the swing trader. A position trader might consider pouring tea from the hills of the battlefields and let the smaller pawn of the game table consume this smaller scenario frame.
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