The MER chart

Setup:
I use the MER chart as an indicator for SKF trades. Yes, I know MER is not one of the top 10% of the holdings. But this strategy has done well for me. So, I will continue to use it. I had predicted a MER trade from 43-52 and the SKF bounce from 90-100 in late april using this. Currently, May 15th, we are on right on the blue trendline which is about 2 months old. Overhead resistance looms ahead in the 52-53 region. It is about time, probably another week or so, when we know which way the financials swing.

Action:
Wait for MER to get squeezed out of this triangle, I am guessing a week's time. For now, we wait.

Guess:
My guess is a break down. Go SKF??