Yesterday’s rally looks promising because each of its two discrete thrusts created a bullish impulse leg on the hourly chart. Meanwhile, the pullback from the intraday high at 77.25 is working on a second thrust without having gone impulsive as of around 12:35 a.m. EDT. This tends to corroborate a mildly bullish picture, at least for the moment. It would become more bullish still today if bulls can follow through with a push exceeding the 77.29 secondary peak from October 13.
