The bounce followed the completion of a zigzag from the June 27 high of $5.57-1/4. Three waves make up the bounce. So far only two waves have unfolded.

The contract has briefly pierced above a falling trendline. The wave b drove a pullback towards this line. The third wave labeled c could have just started, traveling towards the range of $4.94-3/4 to $5.01-3/4.

A break below $4.80-1/4 would signal the continuation of the downtrend towards the range of $4.63-1/2 to $4.72-1/4.

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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. **