The rally from 101.07 is strong has satisfied 3 of the requisite 5 waves for an impulsive rather than corrective rally. Our call, that 101.07 marked a wave-E low within a large triangle hinges on this up move holding above 101.79 and eventually completing this initial rally with another leg higher. S/t, support is offered at the early July pivot high of 102.27 and via the bull flag channel at 102.21. The RSI pullback from the 80 zone to 40 is typical of countertrend moves and suggests that this pullback is a minor correction within the uptrend. Key resistance to promote the bullish outlook is 102.93. Conviction: Med/High Trade: Long @ ~102.83; SL 101.75; TP 104.80/105.35 Levels: Support – 102.27/21, 101.79, 101.09 Resistance – 102.61, 102.93, 103.09
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