UPS Weekly Chart 071306

We have 5 waves up into a .786 fib level and ending with a bearish engulfing candle reversal pattern. We have a test of the high on a retrace, and now looking for retrace of the move up from $66.10 low. Old resistance as new support at $80.00 level has now been broken to the downside. Downside targets: 73, 71.36, 70, and test of 66.12 0 low.