Yes both ideas are valid, and yes thats the Critical zone thats being mentioned i suppose, 680 to 675. a few thing happening at that level..
--Its a 681 FIB if the leg up.
-- the long term support line
--the trendline for the Rising Wedhe
--Possible B point of a too_early_too_guess Gartley Pattern.
SO basically its a Breakout/reversal zone . with chances of a false breakout/reversal before it takes it real direction.