This is pure and simple channel action in semi-log scale. During the course of action, each correction ended with a high-volume spike, suggestive of the fact that the underlying trend is bullish. There is one other high-volume activity by which the price got in the upper band very recently. Rebound from the upper TL is what we have experienced for the last week. And this action was met by another high-volume activity today. In the most bullish scenario it should remain in the upper half of the channel. If it doesn't, it means a weakness in trend, and the lower TL reaction should be watched out closely.