click to enlarge
The c = .65 of a, using the july contract, at this mornings high. The spot month c = 50% of a , at 75.25.
The spot mo. 87.15 to 64.24 move is retraced 50% at 75.69.
The July contract's entire move down off the highs is retraced .382 at 75.65
SO there is a cluster of resistance here.
Overhead ;
 The  spot c = .618 of a at 76.60, and c = a,  July contract, at 78.08.
The spot mo. 87.15 to 64.24 move is retraced .618 at 78.39, and the July contract 's entire move down is retraced 50% at 78.35.
 click to enlarge

I'm leaning toward the nearby cluster of resistance around 75.25/75.65 as containing the correction with an eye on the Euro, and equities markets, which appear to be verging on continued deterioration.

The extent of this corrective move also supports the interpretation of it being a 2 wave structure rather than a 4 of lesser degree. Of course that carries the risk of it possibly hitting the higher resistance cluster around 78.35 but also the likelihood of an accelerating wave 3 down from wherever it reverses. 75.25 or 78.25


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