We have seen a huge Cup with a handle bottom developing over the last 8 years and all that is needed to trigger the bottom formation is a break above 29.90. The way to measure the target from such a formation is to measure the distance from the lowest point to the top of the formation, which in this case adds up to 1,751 points and added to the breakout point at 29.90 will give us a target at 47.41 not far from the April 2011 top at 49.82.

It's likely that this top will be able to act as a temporary ceiling for a correction, but ultimately a break above the former peak at 49.82 is expected.

Remember that the trend and patience are your friends