This is the third wave of a three-wave cycle that developed from the Tuesday low of $1,350.19.

A Fibonacci retracement analysis on the preceding wave (a) from the Monday high of $1,391.76 to $1,350.19 reveals a possible target at $1,366, the 38.2 percent level.

The current wave c may peak around $1,366, to be followed then by a downward wave (c) which will travel towards $1,350.19.

The views expressed are his own.

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