Now comes the interesting part. I have inserted reference range's of recent price action which both show confluence to the 43.46 price vicinity. This is actually also where the 141.40% extension of the XC leg sits. In addition to this and coincidentally, this is also where the 78.6% fib extension on the weekly from the June '14 top sits. And just when you thought there was no more, there's a weekly bottom running through this area. Not an exact science but there's certainly a tonne of overhead confluence at this level, amongst prior resistance, too much to ignore. This in my view is a strong reversal zone if we don't go down from here.
The line in the sand is the 45 to 46 area, which would ultimately bring an overextended Wave 5. I would not be surprised if they take it there. Be prepared for anything in these markets.