Well, maybe I went a bit overboard with all the support/resistance lines, but there are some very long term and important ones on there (marked in red). The ’rounded bottom’ theory is still valid and recent price action is encouraging.  The current COT position means that any further significant upside price moves could trigger a self sustaining short squeeze with each tick upwards forcing more to bail and cover. That could easily see us return to that critical $1400 region. I’ve said it before, and I’ll say it again, even though it’s obvious – that’s where any potential new bull will be born. It’s pretty much just noise until that point.