The resistance is provided by the 100 percent Fibonacci projection level of an upward wave 3, which started at the Aug. 14 low of $1,315.94. This wave is capable of travelling a much longer distance than the preceding wave 1, to arrive at $1,430 - its 161.8 percent Fibonacci projection level, over a few trading sessions.

But a more realistic target could be $1,403, the 123.6 percent projection level.

Support is at $1,374, a break below which will trigger a further loss to $1,357.

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