The PPH chart pattern continues to exhibit very bullish near-term form.  In fact, since Friday's recovery rally high at 70.72, the PPH has carved out a high-level rest (flag) formation between 70.70 and 70.25 thus far, which when complete should resolve itself to the upside in another thrust that projects into the 71.20 target resistance zone.  Based on my near-term work, such a pop to new recovery highs will conclude the initial upleg of a new bull move off of the June 27 intermediate-term corrective low at 68.21.

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.