The cycle started at the March 7 low of $2,034, and peaked around a resistance at $2,174, the 61.8 percent Fibonacci retracement on the fall from the Feb. 7 high of $2,260 to $2,034.

The current drop is expected to seek a support at $2,120, the 38.2 percent retracement, a break below which will confirm a small double-top, pointing a target at $2,077.

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