Resistance is being met at the center line of the channel (yellow dotted trend line).
Watch for a bearish pennant to form. If it does, a downward breakout of that pennant would likely be followed by a break below the key 0.500 fib level support of 11968.00, invalidating the Intermediate Impulse Wave. If this happens, the only reason I could see now to remain bullish in the short term would be if the bottom of the channel provides support, paving the way for a new impulse wave to form.
Watch for a bearish pennant to form. If it does, a downward breakout of that pennant would likely be followed by a break below the key 0.500 fib level support of 11968.00, invalidating the Intermediate Impulse Wave. If this happens, the only reason I could see now to remain bullish in the short term would be if the bottom of the channel provides support, paving the way for a new impulse wave to form.