WTI likely to peak below 70 (max 75) and decline to low 30s

The present 4th wave rally should seek out the $70 level as that is both the .382 retracement of the 3rd wave as well as the origin of the 2nd wave of the extended 5th wave of the 3rd wave, and if it moves any higher will then encounter insurmountable resistance at $74.95 which is the extreme of wave 1 of the same degree. Between these two levels ($70-74.95) a downturn within a 5th wave should commence and take price down to $35 if not below $30 before this total 5-wave impulse wave "C" which began in 2011 at $114.80 completes itself.