It's actually a pretty messy chart. You have about 3 cycles fighting with each other from that 2011 low.
From a bigger picture I can see why some prefer to go with the bull case but the failure in early 2017 negates that for us.
In any case, the preference is to use this recent weekly + the channel for a move back into the 100 mark also taking into account goe-economic / geo-political risk along with was is shaping up on the other charts.
Again, it's messy and it always takes two sides to make a market so we shall see. But we'll stick to this base-case unless that weekly reversal breaks.
Have a great one!