MONTHLY CHART The earlier breach of the former bear channel top in 2008 suggested a loss of long term bear momentum.

Subsequent action may yet prove consolidative ahead of another bull attempt, but we must await clarity for now.

Note the previous 76.4% support which could again have an influence.

WEEKLY CHART This year's pullback recently violated a 76.4% retracement, testing the rising support line, where s/term support has emerged.

Beyond here is the 74.170 Nov-09 low ahead of slightly lower channel base projection at 73.50 currently, which stand in the way of a return to the 70.700 Mar-08 low.

DAILY CHART:

The second bear leg in the move starting in Jun has found s/term support from the bear channel base projection (75.60 currently).

Lower down note an equality target at 74.936, Jun/Aug downmove extended off Aug high, which may also prove supportive.

However, little in the chart structure suggests that bears are about to tire.

First resistance of note remains from the 06-Aug 80.085 low, with falling resistance not much above. A recovery through this latter would be the first sign that downward momentum had diminished.