This is the third wave of a double-zigzag that started at the Oct. 1 low of $106.81. The first leg labelled a has completed, apparently consisting of five smaller waves marked 1, 2, 3, 4, 5.
These five waves simply indicate the short uptrend from $106.81 has not finished, instead, it may rise faster towards $110.60, the 61.8 percent Fibonacci projection level of the wave c.
Support is at $108.69, the 38.2 percent Fibonacci retracement on the rise from $106.81 to $109.85, a break below which will confirm a small double-top, pointing a target at $107.40.
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