After Tuesday's nice spike, we've had a small healthy
pull-back which now completes the lower part of what looks to be a Cup & Handle
. If we get a nice close tomorrow, we will most likely be seeing a new higher-high next week. With this in mind, one should still proceed with caution (if starting a new long position). If we don't close above
the 50MA tomorrow (Friday), I would see that as a short term bearish
indicator and followed with a retest of the key area of support next week.