Monthly & Weekly cycles
2-month wave pattern into the February highs will complete next week after finding support at this week's 50% level @ 1298
The current price action started from the December 50% level in the 4th Quarter of 2011, and has now reached the first quarter highs:- break and extend patterns.
Once it reaches the February highs it will complete the Monthly cycle wave patterns, therefore I would begin to look for pullbacks longer in length to around the Trailing Weekly lows.
Any reversal patterns will only be confirmed by price moving back inside the Weekly levels, and that might not happen until the 3rd Week in February.
