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.
A rise above $1,261 will confirm the extension of the rebound from the June 3 low of $1,240.61 towards $1,274, the 50 percent level, while a drop below $1,240 will signal the continuation of the wave (c) towards $1,216, its 100 percent projection level.
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