Monthly charts provide much needed big picture perspective . The July, August, and October 2007 lows touched and reversed at an 18 year support line (drawn off of the February 1989 and August 1997 lows).
A line that connects the October 1998 and December 2002 highs provided resistance throughout 2006 and early 2007. False breakout signals occurred from August 2007 to January 2008.
The next test of the resistance line likely leads to the real breakout. Be sure to visit the Elliott Wave forum for trading ideas and updates to this pattern.