BIAS: There should be a correction higher - maybe consolidation - before losses resume
MAIN ANALYSIS: After two days of exceptionally direct gains we should have found an intermediate high at the top of the lower 118.73-96 projection range advised yesterday. The first reversal has been seen and should now see a correction higher courtesy of the rising 4-hour Price Equilibrium Cloud. How deep this will be and in which corrective structure is now the important issue. I suspect this correction shouldn't be too lengthy because the automatic first reversal target hasn't yet been seen - this being down at 115.45-116.00. For now watch the 118.47-118.73 range. Allow for a possible expanded flat complex correction that should remain above 117.39.
COUNTER ANALYSIS: A break below 117.39 would extend losses down through 117.05-22 and probably down towards the 116.00-05 area. The 115.45-75 area is also possible.
MEDIUM TERM ANALYSIS:
21st November: It looks like the 118.73-96 has done the trick and should new see a relatively brief correction. This could be restricted to the 115.45-116.00 area but we'll need to observe the lower degree structure to confirm this. Any lower than 115.45-75 could see losses to below 115.00 and at most 113.60 - 85. Once this has been seen the next rally should develop once the daily Price Equilibrium Cloud rallies to push higher.
It'll take quite a drop to reverse this uptrend - the 113.60 area is probably where I'd place the line - but there is a deeper 111.50 retracement although it would be very unusual.