MONTHLY CHART - CONTINUATION:

Initially the market struggled to stay above the major 50% level of the 1980-85 downmove, but good support came from near the old 19.73 2006 high.

The current upleg has quickly reached the 61.8% recovery level, and we await reaction around here - bulls could falter.

DAILY CHART - MAR-10:

A key reversal day on 27-Nov and then break of falling resistance gave initial bullish clues.

The Sep-09 high has been clearly breached but we have calculated a Fibo projection on this chart (28.38) which, while eroded now, should be given some respect, as it coincides nicely with the long term 61.8% area.