As we saw a break below 0.8286 we knew that a deeper correction towards 0.8268 was developing. We even saw a slightly deeper correction than that as we have seen a test of 0.8243 as the low. However the overall call for renewed upside pressure once this correction from 0.8400 was over is still the dominant picture and I will now be looking for a break above resistance at 0.8331 as the first good indication that wave 3 or blue wave iii higher is developing towards 0.8641 and maybe even higher. During this next impulsive rally I would like to see the base channel resistance line near 0.8426 broken clearly to confirm extension in wave 3 higher.
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