October’s rally was clearly impulsive, having exceeded the required internal and external peaks — on the weekly chart, no less. A pullback to at least 76.76 was needed to recharge, so last week’s low at 76.55 would appear to qualify. If that low endures, a rally touching 80.66 would trip a bullish trigger on the long-term charts, signaling more upside to at least 84.77; any higher would indicate 92.99. My gut feeling is that the more corrective action is needed and that the 76.55 low (aka point ‘C’) will be eclipsed.
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