A cycle is coming to an end and expecting at least a temporary peak to form soon. Break of 106.12 will add more conviction to this view. We don’t like selling Oil until it shows a clear 5 wave decline from the high.

Wave ( A ) is thought to be complete thus now we expect a corrective pullback lower in wave ( B ) toward 2.15 – 2.17 area where we expect good support to come in.

Pair made a marginal new low before making a strong move to the upside. We have not yet broken 1.4347 – 1.4370 zone but there is enough number of swings in place to call wave X completed. Thus, we expect higher price as price stays above 1.4187 low.

Metal is still correcting the entire decline from 3.42 peak. 50 fib (3.20) has been tested but another leg higher 61.8 fib (3.25) is still expected to complete wave X before the  red metal turns lower again.