I’d recommend to take a look on the area arround 1515 (say it 1512-1517). Recently, some big stops were cought below there. And after that, I noted certain demand in t&s right on the mentioned figures. Succesfull testing gives a good base for your idea.

I beleive, there may be lots of different scenaria with inevitable sideways between 1700 and 1550 before any further gains.