I have low confidence in my count past C(circled). First, I am not sure 1(circled) is over, and if it was, I am not sure if 2(circled) is over or not. Pitty, because the trend is clearly down. I would love to see it rally towards the purple SMA, but that is just a fantasy at this point.
On a larger scale, this chart is clearly pointing that bear market in commodities has some legs long term, indicating (severe?) deflation.