The PPH continues to acts extremely strong off its upside pivot reversal from Tuesdayââ,¬â"¢s low at 68.21, and projects next into the 70.50/60 target zone.  However, my intermediate work argues that this strength represents only the initial leg of a move that should revisit the March high above 74.  We remain long, looking for a place and timeframe to add to our 50% position.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.