It is still possible that last Friday’s spike down to 88.10 provides more significant support but it is best to stick with the strategy I have employed over the past number of months.That is, keep moving the stop down as price decreases because longer term charts argue for a drop below 80 in order to complete a long term 5 wave drop that began in the 1970s. “In viewing the rally from 88.10, I am more inclined to stay bearish. The rally is not clearly impulsive (which would mark a probable trend change), so there is little reason to flip from bearish to bullish. In fact, the rally counts best as a double zigzag correction.” Move risk to 92.
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