The massive move from yesterday’s 122.10 lows to take out the important 126.10 resistance level is a very bullish event. Medium term, I expect a move towards the major 38.2% level at 134. I will not enter the market here as it is too volatile, but I will wait and see if we get a pullback towards the 38.2% retracement at 124.75. Once again I will wait for an hourly low to form before buying in.
