I made a very speculative call on Telecommunications ETF IYZ over a month ago and then reversed just two days later. In my defense I did say it was speculative and certain thresholds needed to be met in order to class it as a genuine bullish turn, and so the same warnings apply here. What I am seeing here that I like more than what occurred a month ago is a stronger crossover on my momentum indicators. Furthermore, the fall from July of last year to November was about $5.00 which is about what we are seeing here with the most recent fall starting at the beginning of the year. Overhead resistance is at around $33.50.