We had some very interesting PA in the last 40 hours. Notice the amount of effort that it took to break the resistance at 1. At 2 we have no buying pressure and the market falls off then drifts back up to that level only to be sold into as seen by the upthrust. We also have a shake out on the right edge followed by a test which is a sign of strength, however what worries me is the lack of positive reaction from that test (I take into account that it is EOW PA). I still have a bullish view of the market, but if this test fails (which i think it will) then the next support will be at 1.4263 marked by the red line. It has taken a huge amount of effort to break that line to the upside, therefore if the market is still bullish you would expect it to be defended.
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