It was disappointing to see a break below support at 82.59 as it called for a failed S/H/S bottom and therefore not a rally higher. Instead, we saw more downside pressure towards support at 65.95 before a large correction that began back in mid-February is complete and the new impulsive rally can take over.
We now see resistance at 79.05 which ideally will cap the upside for the dip closer to 65.95 to complete wave 2.