I think that we are just about ready to the next rally higher towards resistance at 1,361.86 where I expect wave c of the unfolding triangle to end and wave d lower to begin.
Short term I will be looking for a break above minor resistance at 1,270 to confirm that the next part of wave c higher is developing. Until the break above minor resistance at 1,270 we could see a move closer to 1,238, but this is a less likely outcome.
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