Commentary: The large 5 wave advance from .6639-.7891 indicates that the larger trend is up but a larger correction is expected before a resumption of the uptrend. The decline from .7891 has yet to even reach the 38.2% level of the previous rally. As such, the decline from .7891-.7435 is most likely just wave A in a larger A-B-C decline.
The current rally is wave B. Wave B could exceed .7891 in an expanded flat but we do expect price to eventually come under .7435 and test .7365 (10/22 low). Near term, it looks like at least one more high is required before price turns lower in wave C. A spike through .7760 could test the 78.6% of .7891-.7435 at .7794 before price rolls over.
Strategy: Flat