WEEKLY CONTINUATION CHART: The structure of the whole recovery from 2008 low may still be seen as a type of 5-wave/ impulsive structure, but more important right now is the current wedge-type pattern.

These can be reversal formations, but sometimes are the precursor to acceleration higher, in which case note the next Fibo projection on this chart, at 1375.

Only a reversal through the pattern base and then Jul low (see Daily chart) would provide a clear bear sign.

DAILY CHART DEC-10: We also show the wedge pattern here, with initial upside break from this.

We now look to higher levels such as a Fibo projection at 1340, which lies just below a bull channel top projection currently.

First support comes from the 1270.60 Jun high, although most important at this stage is the wedge base around 1200.