This is an experiment to see if I can achieve something I've never managed to do: predict on the hints the formation of new & required drop. These hints always appear beforehand, the blue line is parallel. I've joined 1-3 as the demarcation of the , and I'm reasonably happy with the current down trend nesting into its Fib behaviour. Need the price to move downward,the lower edge of the previous to break, (the lower bright red line), and a rapid bounce to occur at 98.2 (point C) back to the ML, probably crossing it to rejoin the Centre @ approx. 100.2
This is pushing the boat out a bit, and can be inadvisable to trade this yet, as Fib retracements often have marked confluence.
In a few hours we might get further confirmation as the ML of the new acts as resistance, trapping the price at it's approx current level, then pushing it down. Note the Dollar is being uncomfortably see-sawed between dropping crude & rising precious metals.
We shall see. :)