The higher time frames have a strong trend in place, with trend line support. The recent downside momentum was the largest ever, which could be an omen for things to come. However, this shows itself as a reverse divergence on the higher (monthly) time frame which often leads to snap-back rallies (which may or may not form its first lower high).
Monthly: Trend intact, reverse divergence (2c criteria).
Weekly: Trend line holding on a small divergence
Daily & intra-day charts:
The daily has an inverse H&S pattern on diverging momentum (setting up a possible 3d setup). Certainly wouldn't want to see it give up $170 below (actually wouldn't want to see it fail the 50% Fib retracement of the Head to right shoulder). The first hurdle above will likely come from the $182.76 level.
Primary target $199, secondary $216. Essentially I'd like to see a break of the overhead trend line on a strong momentum bar.
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