Draw this fork using on weekly chart using pivots 1.3667 (approx) 21/Dec/04
1.1639 13/Nov/05 and 1.6062 on13/July/08 and you get the major ML in magenta pink in the two charts shown here. A break below it now looks likely.
PS: With a line of such importance it is not unsual to see 'gap' behavior on or near so i would not bet ( although i am not a betting person) against such a opening on Sunday evening however only a fool would be short of this market until we are out of this sideways coiling pattern and have a clean break of direction.
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