Since our last update on July 31, because prices on prompt continuation did not trade > 3.450 (reached a 3.425 high) and we encountered a close < 2.983 last Friday, continue to count the long term trend as down.  

Assuming the move from 2.881 to 3.425 is a wave -II- up, count the move from 3.425 to 2.910 the first leg down of a 5 part wave -III- decline.  Currently, it looks like we're in the second leg up, and prompt must break back above 3.350 to dampen the bearish case for new lows.  Otherwise, 2.615 is the minimum implied downside target, with 2.364 and 1.915 the intermediate to longer-term numbers.

Call if you have questions. LP