Last week's decline looks like the first leg down of the move off the big bearish ABCD. And this first leg down isn't necessarily over yet...

And as if by magic, up it goes...

This bearish ABCD could have been BC leg of a bigger bullish ABCD right into the line:

That's what I suspect. But it has to overcome this area, say here at 74.75, to know if it has much more potential.

The rise off this bullish ABCD so far fits very well for the first leg of the larger move off it

Yes, and if this is all a 'W1' off that bigger bearish ABCD, it needs a 'W2' bounce. But, so far, it is really acting weak, especially off the number I mentioned, and the MRRD's might have to show up to gun this. 'Natural' buyers seem nonexistent.

Okay, a little bullish ABCD here. This is their chance. Let's see if they take it.

Took those MRRD's long enough... They needed that little correction to scare them into getting to work.

Be watchful for a pseudo-'W2' .685 4PT right in here. It's an unusual configuration, but still something I am watching to see how it reacts (I doubt it will do much). A little higher, though, and it would have an ABCD in the CD leg, a good thing for 4PT's.

For me it is now ABCD against ABCD:

I think this is more likely headed up to a new HOD, and over the GLOBEX high, but watch 76.75-77.50, in case (assuming it overcomes this .685 4PT area first).

That's the one.