The support is provided by the 76.4 percent Fibonacci retracement on the rise from $1,268.24 to the May 5 high of $1,315.60. It works as the last barrier towards $1,268.24.
A further gain from the current level may be limited to $1,298, the 38.2 percent level, as a downward wave (c) that developed from $1,315.60 is far from complete.
The views expressed are his own.
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