In '79-'80 there was raging inflation. Not the case today at all. More like deflation today. Only thing that's obvious now is price is nearing a major resistance area which is the $1800 level and Fib 61.8% retracement level of the Sept/11 to May/12 selloff. And momentum indicators are very overbought as well. Bottom line is price must clear $1800 and hold above to suggest a rally to a double top of the old highs or even higher. Meanwhile resistance is resistance.