The rebound from this low could be driven by a wave d, the fourth wave of a bigger wave C which may consist of five waves in total.
The Fibonacci projection analysis on the target of the wave C reveals a resistance at $1,298, which may stop the wave d from extending.
The fifth wave, labelled e, may have started, unfolding towards $1,280.40. A break above $1,298 may only trigger a limited gain to $1,304, the 38.2 percent level.
The views expressed are his own.
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