The range has been formed by the 76.4 percent and the 61.8 percent Fibonacci projection levels of a downward wave (c) that started at the April 14 high of $1,330.90.
It is not clear that the rebound triggered by the support at $1,243 has completed and a rise above $1,261 will confirm the extension of this rebound towards $1,274, the 50 percent level.
A drop to $1,239 will signal a break below $1,243 and the continuation of the wave (c) towards $1,216, its 100 percent projection level.
The views expressed are his own.
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