Resistance is provided by the 76.4 percent Fibonacci projection level of a downward wave C that developed from the July 10 high of $1,345. This wave will consist of three small waves labelled a, b, c respectively, with another five small waves making up the wave c.
The fourth wave of the wave c, the wave 4, has been driving the rebound from the Oct. 6 low of $1,183.46.
A downward wave 5 may start around $1,230 and reverse the wave 4.
A break above $1,230 will open the way towards $1,252, the 61.8 percent projection level.
The views expressed are his own.
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