Yesterday's price action saw prices trade > 3.350 and close > 3.320 on prompt continuation.  This marks the first time since the decline from the 10.100 high that a previous corrective high in the downtrend has been exceeded.  Because of this, the long term trend has now shifted from down to bottoming.

Typically during a bottoming period, a transformation in the marketplace is taking place; that is, there is some redistribution of positions with an increasing number of market participants' longer term outlook changing.  What this means is that we're likely to see wider trading ranges, with a greater chance for volatility to the upside increasing.  I'll keep you posted on any further developments. LP