BUB chart, page-1995

Gone as far as the first target up in the above post (126.5c), and retraced back to re-test the previously taken resistance (112c) to check it for support. The rise was too sharp (30% for a day) and a pull-back was almost guaranteed.

IMHO, most reversal patterns (both successful and failed ones) begin like:

1. Break above the downtrend channel
2. Up to re-test 38% or 50% reversal fib levels (in this case 126.5c)
3. Pull-back to re-test the low (92c). If it's an uptrend, the pull back often does not extend beyond 50% (109c) or 60% (105c) fib levels; and leaves the gap partially open.
4. Up to re-test the latest peak at step 2.

Failing at (3) or (4) often implies continuation of the downtrend (which can get ugly).

To continue up, it needs to succeed step (4) (take 126.5c), in which case the next levels to watch are 135c and 161.5c (plus the dynamic upper bound of the DT channel that can form again at any time until it clears 161.5c)

Good luck to all holders.