We did expect a corrective rally of the 155.34 low. As the spike down to 155.34 was strong, the corrective rally was also buoyant. (A strong action will cause an equally strong reaction). However, we still regard the rally from 155.34 as corrective and expect a retest of the 155.34 low. There could be a decline to the 61.8% corrective target at 145.76 before this correction finally comes to an end and a new impulsive rally towards 180.00 can begin. All requirements for the corrective decline from 168.43 now have been fulfilled and the odds for the underlying bullish trend to be continued towards 180.00 has risen substantially.
