Josh...if it breaks .03 and holds, I think it'll probably move up to the elipse or even higher, but it'll have to close above .03 imo. If it does break higher, I'd be looking for .047ish to .057ish. If that holds, who knows where it'll end up.
On the other hand, if the MMs are still in control,(and they've been messing with this one for a long long time), the lower elipse should serve as absolute long term support.
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