This week July 25, 2016 is the days to 63 from May 23, 2016 (63D), which according to my observations and my previous analysis that dated of May 23, 2016 has a potential cycle low.
In my view point, ideally the current price movement is still moving in 77D to climb up, refers after the distance of 189D low to low, which will expire on August 15 or August 22, 2016. However, if the 77D to climb fail on the day to 63, then the end of 77D would potentially be the new leg to the up move, and it will has 63D to climb back up.
Conversely, if the price movement can climb back up from July 25, 2016 to the end 77D or completing 77D, may it's the chances for cycle top and then will be continued with 63D for the consolidation or declining.
Now looks like the price movement is still struggling to maintain the $1312 ($1375 - ($1375 - $1210) * 0.384) and if the level of $1312 / $ 1295 can be maintained until the pre FOMC, then my view point for the price is likely will soar.
--- From The Desk Of Newbie ---