The support is provided by the 61.8 percent Fibonacci projection level of a downward wave (c), which started at the April 14 high of $1,330.90. The next support will be at $1,243, the 76.4 percent level.
This wave is capable of eventually travelling to $1,216, the 100 percent level, as it has a fierce character. A decent rebound may not occur until this level is reached. The speed of the fall from the May 27 high of $1,293.39 suggests the target of $1,216 could be reached very soon.
The views expressed are his own.
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