Prices are surging across the trendline at 4 in what we interpret as a buy signal. We are lifting (in stages) our hedge and scaling new capital into the market. The conservative thing to do is wait for the old high to be taken out, but it looks like to us (today) that the “correction” (British rock group?) has fulfilled its purpose — i.e. to scare the hell out of timid money sitting on the sidelines and discourage them from entering until they can be thoroughly punished.
Readers will note the resemblance to the alpha-beta-gamma pattern. The flag fizzled under the weight of economic facts.