A five-wave cycle rising from the Jan. 30 low of $1,237.94 has completed around a key resistance at $1,341, the 61.8 percent Fibonacci projection level of an upward wave C that started at the Dec. 31, 2013 low of $1,184.50. The completion has triggered a correction towards the 50 percent projection level at $1,311.
A further rebound from the current level may be limited to $1,336 and only a further surge above the Wednesday high of $1,345 could confirm the continuation of the uptrend.
The views expressed are his own.
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