* The drop to 80.30 appears to be corrective
* The rally to 81.75 appears to be trend.
* We have bought below 81 with stops below 80.30.
We view the drop to the 80.30 level as the terminal C wave of the interim correction, see the daily analysis.
Thus we look for impulsive waves higher and corrective declines.
So the rally to 81.75 was a good 5 wave / impulsive move.
The price action since looks like an irregular 3 wave correction that dropped to a near perfect 61.8% retracement level with the dip to 80.85. This allows us to redraw the up channel.
So having seen waves one and two we are set for an impulsive third wave. One that we expect to subdive. Thus one of one of three was the rally that just poked it's nose above 81.20 and we are in minor wave 2,so acceleration through the short term down channel and pivotal resistance at 81.20 should occur soon for 81.50 and 81.75 initially en route a retest of the 83.30 high later. A loss of 80.85 concerns but only below the 80.30 low extends the longer term corrective process to 79.15.
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