The consolidation has been shaped into a triangle, which has been confirmed as a continuation pattern, because its upper trendline has been broken.
A Fibonacci projection analysis reveals a target at $1,361, the 100 percent level based on the rise from the July 5 low of $1,207.50 to the July 11 high of $1,298.36.
Support is at $1,323, a break below which will make the triangle invalid, and the target at $1,361 has to be aborted. A further dip to $1,316 will signal a bearish reversal of the uptrend, with a target to be established at $1,290.
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