Weekly is in an area where it could form a reaction high. The monthly is close to a breakout. Looks like it may take a stab at the 25% line from high to lows, anything above that is a major breakout. Still pretty close to the lows here so once the weekly pivot is formed you can use that as a measuring tool for the downside and for protection of new contract lows.

The reaction high would be three bars. 

Spike