The big picture shows a break out of the white channel top, but not the yellow.

continued for members…

The close-up shows the white channel from 2009 breaking down on Sep 22, 2014,  but prices climbing along the underside post the Fed’s hint at QE4 and the BOJ’s QQE expansion.

At this point, a backtest of the white channel top (1235-1240) seems likely.  And, should that fail, then the previous high at 1213 where it intersects with the gray channel midline.

The next upside target is 1320ish around the end of the year.