On March 23 we called for a continuation higher to test resistance near 125.86 and this target was almost met yesterday with the rally to 125.11. We still see the possibility for a bit more upside towards the 125.86 target, but the best of this rally is likely behind us for now and we should rather expect a period of consolidation in the 120.43 - 125.86 area with the possibility of a corrective dip towards 116.45 before the next impulsive rally higher towards 134.63 and possibly even closer to the August 1998 peak at 147.67.
