We still need a bit more information here but the signs are emerging that the move from .98 to .82 was a retracement which has now run its course allowing the bull trend to reemerge. Wave counters are busy pointing out that the longer term charts are in the process of fulfilling a classic .98/.84/.94/.82 ABC retracement. What should of course be noted is that a weekly low has not yet formed at .82 and won’t do so until early next week. The market has also basically retraced 50% of the .65/.98 upmove, another argument that the retracement might be over. If we can break cleanly above .84 previous major support then that will be another sign that the bears are losing control and that we should be in dip-buying mode. I’m starting to build a small long position just in case.
