KZA Chart, page-183

Well I'm a charting mug, but there is a pattern to the previous (explosive) waves up. On the daily chart each of those explosive upward breakouts have involved large breakout gaps. These gaps remained unfilled however because the previous high has acted as support (the orange lines)

Daily



Weekly



The previous breakouts occurred on huge volume; heavy buying drove the price up.

This week we've seen a breakout from the bullish ascending right angle triangle (green) but it's been on average volume. At this stage there doesn't look to be any momentum behind this breakout.

If this week's breakout turns out to be a false breakout I would like to see that ascending green support line maintained as this would be bullish in the short term. If we drift sideways there is a large zone between 1.185 and 1.78 to consolidate within, but I hope that green ascending support remains in play.