I think it may need to come down and make low lower than the last cycle low, in order to create a lower bullish reversal.

132.60 is a major Dber...any hedge should be lifted if price cannot close below if you just started a hedge, otherwise you should play the weekly lines.

A long could be put on here but you would need to protect it with a stop below the line on a close, you would be risking about $700 - $800 per contract if you entered now, or you could wait and see if we test that line before entering to reduce your risk.

The minor Wber located at 135.70 looks like it will be elected, the next one is located at 132, so you would look for a test of that line. The major Wber is located at 128.60. The Wbur is located at 140, you would look to go long on a close above that line or you could wait and see if the 128.60 wber is tested...protect below on a close.