I wrote Friday that "the bounce from 1560 could reach 1620/40. Shorts are favored into that zone (watch the Elliott channel as well) in anticipation of a test of the September low at 1530." The rally has exceeded the Elliott channel so focus is now on the mentioned 1620/40. The 38.2% retracement is in the middle of this zone at 1635. Expectations remain for a test of the September low at 1532 with price finding a top in the 1620/40 zone.
