Our weekly view shows VC in the middle of a long term channel; at the beginning of this year we can see the recent lift starting in earnest as it makes its final push off channel support. The daily chart (right) shows the current market lifting within a smaller blue channel and bouncing between two blue s/r zones. The channel and blue zones offer technical trigger considerations - bouncing or breaking from technicals, we could look to the next technical for opportunity. A break up through the current s/r zone the market is moving through would be an indication for more potential lift and we would be watching the next technicals for target considerations: the blue dashed Fib levels and channel resistance. IF resistance is found, dropping past recent lows, breaking channel support, and moving through the blue s/r zone below the market, all offer potential opportunities for a drop to the next lower Fib levels or the long term weekly channel support. We would need to see a break of the weekly channel to consider a reversal or topping is in.
Indicators suggest continued positive pressure and more lift potential; when they start to roll over we will have a warning of potential weakness.