The fall has been driven by a wave C, the third wave of a three-wave cycle from $2,464. This wave is expected to travel into a range of $2,108-$2,208, formed by its 100 percent and the 61.8 percent projection level.
The bounce triggered by the support at $2,239 is regarded as a pullback towards a short rising trendline. On the daily chart, a trendline and a retracement analysis suggest a target around $2,191, the 61.8 percent level of the rise from $2,023 to $2,464.
A break above $2,296 may open the way towards $2,360.
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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.