The range is formed by the 150% and the 161.8% projection levels of an upward wave (c) from $1,265.90. This wave consists of five small waves. The fifth wave labelled 5 could be further divided into five smaller waves.

This structure suggests the wave (c) is ending. A trendline passing through the peaks of the wave i and the iii indicates a possible peak around $1,569, which itself often works as the ending point of a trend.

Support is at $1,524, a break below which could confirm the reversal of the uptrend. A bearish target at $1,497 will be established accordingly.

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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.