The recent price action over the last few weeks appears corrective in nature, but its drifted sideways and generally wasted time. One idea that I am favoring is a possible triangle for a [X] wave. The look appears to be contracting which would favor a triangle. Ideally it remains below 54.61, that would be supportive of further weakness.

The move from the 2016 lows into 56.13 counts well as a 5 wave advance for an impulse wave, staying below 56.13 suggests a correction to the uptrend is underway, a decline towards 30.00 – 35.00 is my primary target. A strong break of the support band around 45.00 should finally find sellers and see a breakdown.

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