[B]Commentary:[/B] We are looking for a decline in a 4th wave towards the 7/11 low at .7714. Potential channel support is at .7770 today. Coming under .7882 indicates additional that wave 4 is underway.
The confluence of psychological resistance (.8000) and the resistance line drawn off of the June and July highs should provide formidable resistance. The larger trend remains towards higher prices (as indicated on the chart) but we are looking for a pullback first.