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.

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.