Expect lower prices toward 0.8474 to complete wave ( a ) before we get a corrective pull back and lower again. We don’t like buying the pair into proposed wave ( b ) pullback.

Key short-term pivot has now moved lower to 3.22, the wave ((x)) terminus. Expect resistance between 3.12 – 3.14 to cap for continuation lower.

Index has turned lower after completing wave B. A new low will complete a 5 wave decline from wave B high and add more conviction to this view. We should then see a (( b )) wave pullback toward 8100 – 8120 and lower again.

Expect 61.8 fib (2.096) to hold for another leg higher toward 2.36 to complete wave ( B ) before yields turn lower again. View is valid while price stays above 2.00%

Expect 61.8 fib (2.096) to hold for another leg higher toward 2.36 to complete wave ( B ) before yields turn lower again. View is valid while price stays above 2.00%

t Mid-term cycles in the commodity remain bullish. Shorter cycles are also bullish but while below today’s peak, we expect to see a pull back lower which should prove corrective and result in more upside. Support lies between 96.50 – 97.00