Iron ore bulls, don’t jump the gun

NYMEX:ITI1!   Iron Ore Futures
We do see a strong inverse head and shoulder breakout on the weekly chart, however, still it is premature to say that a major trend reversal has happened.

This is because the descending trend line drawn from the Feb 2013 and Dec 2013 high is yet to be breached. Once breached on the weekly chart, the bulls could call a long-term trend reversal.

Note – Failure to take out the trend line followed by a dip below neckline support would be bad news for Iron ore and the Aussie dollar.
What do you think about the recent bullish movement. Reversal?
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