Expect some further strength to complete a double corrective structure for wave X before the metal turns lower again. There is strong confluence of resistance between 3.25 – 3.27 and ideally price should stay below 3.35 but only a break of 3.42 would negate this wave count.

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.