An upward wave c has been driving the price up from the May 1 low of $98.76. However, this wave could have traveled too fast to maintain its bullish momentum, as it has not been interrupted by any decent correction yet.
A Fibonacci projection on the target of the wave c reveals a resistance at $106.01, its 100 percent level. Coinciding with this resistance is another one at $106.04, the 61.8 percent Fibonacci retracement on the fall from the April 2 high of $111.79 to the April 18 low of $96.75.
These two resistances may effectively stop the wave c, causing the formation of a temporary top around $106.
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