The rebound from the Aug. 21 low of $1,273.06 may extend, as the drop from the Aug. 26 high of $1,290.80 has been shaped into a triangle, which is a bullish continuation pattern.
The Fibonacci retracement on the fall from the July. 10 high of $1,345 to $1,273.06 reveals the resistance at $1,290, the 23.6 percent level that has triggered the correction from $1,290.80. The next resistance will be at $1,301, the 38.2 percent level.
Support is at $1,280, the 14.6 percent Fibonacci retracement on the fall from the Aug. 8 high of $1,322.60 to $1,273.06, a break below which will cause a further loss to $1,273.06.
The views expressed are his own.
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