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The zone has been formed by the 61.8 Fibonacci projection level of a downward wave (C) and the 76.4 percent projection level of the wave C.
The drop from the Oct. 30 high of $110.16 could be too sharp to be sustained. Given that the 50 percent projection level of the wave (C) at $106.74 has triggered a very decent rebound, support at $105.49 may cause another bounce.
A drop to $105.20 may extend into a lower support zone of $103.96-$104.43.
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