The contract is riding on the final wave of an uptrend that developed from the May 1 low of $106.32.
The trend consists of three bigger waves, with the third wave labelled C expected to be composed of another five small waves.
The final wave, labelled 5, may peak around $110.35, the 161.8 percent Fibonacci projection level of the wave C. Coincidentally, this target is pointed by the upper channel line of the channel, as well.
Support is at $109.57, the 123.6 percent level, a break below which may indicate a reversal of the uptrend.
The views expressed are his own.
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