Today’s action in the HHH, led by eBay’s surge, appears to have thrust the Internet ETF out of the confines of an 8-week bullish coil pattern, which should be the inauguration of a new upleg that projects to new highs in the 64.20/60 target zone. Only a sudden failure to move higher followed by a decline that breaks 59.60 will wreck the developing bullish pattern.



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.