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The rebound has been considered an extension of a three-wave cycle that developed from the Aug. 21 low of $92.50. Driven by a wave c, the rebound may end around $96.09, the 23.6 percent Fibonacci retracement on the fall from the July 22 high of $105.25.
A break above $96.09 could confirm a high-low bottom that has been forming around $92.50, and a bullish target will be established at $98.32, the 38.2 percent level.
The views expressed are his own.
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