The short-term uptrend from the June 28 low of $1,180.71 seems to be against the preceding downtrend that developed from the Oct. 5, 2012 high of $1,795.69.
The Fibonacci retracement analysis on the downtrend reveals two resistances at $1,326 and $1,416, respectively the 23.6 percent and the 38.2 percent retracements.
Resistance at $1,326 has triggered a correction. Resistance at $1,416 is stronger, likely to end the current rebound.
In the meantime, a closer study on the wave pattern on the part of the trend from the Aug. 7 low of $1,272.64 reveals that a five-wave cycle is approaching an end.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.