The bounce from $2,203 consists of three waves. The third wave labelled (c) is capable of travelling to $2,332, its 100 percent projection level.
A retracement analysis on the downtrend from $2,464 to $2,203 reveals a resistance at $2,303, the 38.2 percent level, which caused a shallow correction.
The correction is regarded as a pullback towards a falling trendline. This pullback may have ended around a support at $2,265.
Only a break below $2,241 could signal the continuation of the downtrend towards $2,203.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.