DAILY CHART - CONTINUATION:

On the Continuation chart a significant low point was seen in Sep-09 (though not apparent on the front month charts).

It produced a Key Reversal Month, and heralded initial recovery.

This year's pullback has now found clear support from the 61.8% retracement - now see the Daily May-10 chart.

DAILY CHART - MAY-10:

In the Commodity Specialist Guide we will shortly be switching to the Jun-10 contract, but we stick with May here.

S/term support has emerged from around the 3.850 1.618 swing projection (off prior Dec/Jan rally), close to 61.8% support on the Continuation chart.

At this stage a recovery through the falling return line, i.e. a close above the recent 4.3340 high and coinciding 23.6% level, would sideline the bears s/term, and signal a recovery attempt underway.

There could well be an initial struggle to clear resistance offered by the 4.656 03-Dec low, where the 38.2% level resides too, but there could be later scope for a push higher towards the next key overhead level around the 5.110 28-Jan low, where 61.8% and a Fibo projection (not shown) are also present. Meanwhile we must await the signal.