Included as it is a popular commodity. I would condider playing wave (v) up to complete wave (1). Wave 5 cannot be longer than wave 3 based on EW theory and may well finish around the upper trendline to complete a first wave diagonal. In my view it seems weak and not a high probability trade at this time.
Scenario 2: is a lower trend-line breakout to complete the WXY correction for a 1:1 extension of wave (A) (black). Potential price decline for $210 range (~36% decline). This wouldn't be unreasonable considering pre- 2006 ~90% of all price action was contained within the $350 and $170 range (at least between 1976 to Q3 2006 this is the case and is where the price data finishes).
This is amateur technical analysis and I also believe fundamental analysis is also required prior to trading commodities. I tend to work backwards: TA to FA and have yet to enter a commodities trade. Open to comments / suggestions.
