This is my current understanding. A five wave descent completed early November 2014. It then jumped in a corrective wave to ~ $1300 to form wave (a). It is now completing a minor upthrust correction out of a triangle to form a minor c wave to complete b. In eventuality there appears heavy resistance at 1231 or thereabouts. It appears overall it's trying to form a H&S
. To do so it needs to drop as expected with most $ x's. It may try to take out the multiyear lows, and have a crack at the upper 1000's. Being a very psychological marker and all other considerations, including sentiment and sustainable production price, generally considered to be around average of $900. After that we'll see ... But overall it has potential to form a sizeable triple three's wave, as CB
policies and other influences continue a sustained dithering / mixed messages.
Because there are significant multiyear support lines in the upper 1000's and the confluence of the descending channel
it's being forced bit by bit into a corner.