Looks like we are in another infamous triangle. We had a nice short squeeze to $465, followed by a brutal long squeeze into the $350s. I suspect once this triangle resolves we should get a juicy move out of it. Personally I am leaning (and hoping) for a push to the downside. Simply looking at the Open Interest levels, I just don't see us having the buying power to make new highs. But hey ... this is , and anything is possible.
Comment: It appears we have broken the lower trend line, and fallen to the bottom of a bigger triangle. Let's see if the $380 level holds. This could be the same scenario, except in a larger triangle.
Comment: Current state of the new Triangle, let's see if this level holds: