The support is identified as the 114.6 percent projection level of a downward wave (C) from $5.31-1/4. After traveling below $4.94, this wave has a better chance of extending to $4.79-3/4.

Experience shows that the 114.6 percent level seldom works as the bottom of a wave C. The bounce triggered by the support at $4.88-1/2 may end around $4.94.

On the daily chart, a flag and a falling trendline suggest a target around $4.80, which is almost identical to $4.79-3/4. A break above $4.94 could lead to a gain to $4.99.

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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. **