1d chart shows a symmetrical triangle beginning in late March with its apex close to . As this is a continuation pattern in a downtrend from mid-March, expect it to break downward to our of 54.77 (10-21-13 through 1-30-14). A break and hold above 62 right now or 60.70 on day will break this pattern and we'll go back up to at least 63.24, possibly higher to form a around 72.
What follows is what I'd *like* to see happen: the formation of a head-and-shoulders pattern, which is what it looks like we're trying to do. The neckline would be at 50.18, shoulders at 59.09, head at 72. If we do bounce off the 54.77 range, expect this pattern to play out. Bad or a market could mean a dump to the 50-ish level right off the bat, though, invalidating that idea and leaving us looking for a new pattern to emerge.