MONTHLY CHART: The drop back from resistance near to old highs

In 2003/2004 has finally tested the long term 76.4% pullback level close to 108.00.

We currently await reaction here - 76.4% can sometimes be very effective.

DAILY CHART:

This chart shows the approach to that long term 76.4% level, with the structure hinting at bear fatigue, not surprisingly accompanied by a positive RSI divergence.

The next, more conclusive, bullish signals would come from a push above a s/term 23.6% bounce level at 112.75 (taking 127.91 02-Apr high as the start of the last downleg segment) and then a breach of the 114.16 03-Jun high.

Focus would then turn to higher resistance around the 119.63 Feb low.