BIAS: I still tend to prefer a deeper correction but with the expectation of the rally resuming
MAIN ANALYSIS: There's no change to Friday's analysis and I feel we still need to be aware of deeper corrective support levels between the 77.82-92 and 77.61 retracement levels. There is pivot resistance around 78.55-71 that is likely to cap while there is still risk of a new corrective low. Once this has been seen I expect the next rally here to move above 78.71-85 to retest the 79.21 high and later towards (probably just under) the 79.66 high.
COUNTER ANALYSIS: Direct gains above 78.55-75 would raise the risk of an immediate push higher.
Only a breach of 77.61 would raise concern although this correction has no fixed ratios and could theoretically retest the 77.12 low. Only below there would risk further losses towards 76.02.
For more information regarding the support and resistance and medium term outlook please see the attached PDF file.