This April BAC broke out of the range created a "sign of strength" (SOS) and "jump across creek" (JAC). Now we are seeing prices retreat on contracting . This suggest that supply remain in strong hands. If remains weak; we have confirmation that price are very likely to begin the next phase: MARKUP.
Look for prices to confirm support while "backing up to the edge of the creek" (BEUC). Coincidentl, BEUC is very near the 50% . I'm a buyer at $12.70